PayU Acquires Indian Payments Technology Citrus Pay For $130 Million
PayU, a global online payment service provider has acquired Indian payments technology Citrus Pay for $130 million in an all-cash deal, a joint-statement said here on Wednesday.
The agreement is due to close in the third quarter of 2016. The statement described $130 million transaction as the largest ever merger and acquisition cash deal in the Indian fintech sector.
"Today's announcement is a significant milestone for both businesses, as well as the fintech industry in India. It is exciting for everyone across the PayU and Citrus teams as we bring together new capabilities that will help us to better serve our collective clients." said Laurent le Moal, CEO of PayU.
The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million trans...