"PayU Global, the digital payments provider owned by South Africa’s Naspers Group, will buy rival Citrus Pay for $130 million in an all-cash deal. PayU India will have more than 30 million customers post the acquisition of Citrus Pay. The company forecast it will process an estimated 150 million transactions, worth $4.2 billion, in 2016. The deal, once concluded, is expected to provide an attractive exit to Citrus Pay’s investors—Ascent Capital, Beenos and Sequoia Capital. PayU confirmed that the early investors will exit but declined to disclose details,” reported Mint.

The PayU Group, including PayU Global BV and MIH India (Mauritius) Ltd was advised by IndusLaw partner Srinivas Katta, principal associate Winnie Shekar and senior associate Ashi Bhat, assisted by partner Avimukt Dar on competition law issues and partner Avik Biswas on employment laws.

Citrus Payment Solutions was mainly advised by P&C Legal partner Vishnu Jerome and partner Shameek Ray.

Citrus' and the promoters' co-counsel was Veritas Legal managing partner Abhijit Joshi.

Samvad Partners partners Neela Badami and Siddharth Raja, with associate Neeraj Vyas, acted for Ascent Capital, according to a press release from the firm.

Themis Associates represented Sequoia.