Infibeam Avenues has said its up to Rs 1.2 billion-deal to acquire Unicommerce, a subsidiary of e-commerce platform Snapdeal, has been terminated.
"...we wish to inform you that the SPA has been terminated as the conditions precedent were not fulfilled within the stipulated time period," Infibeam said in a regulatory filing.
In May, Infibeam Avenues had announced signing a definitive share purchase agreement (SPA) with Unicommerce eSolutions and Jasper lnfotech (which runs Snapdeal) to acquire 100 per cent stake in Unicommerce.
It had said the acquisition would boost its e-commerce enablement capabilities and expand the product offerings for existing clients. The transaction was scheduled to close in three-five months.
According to the May filing, Infibeam was to issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 1.2 billion, subject to shareholders' approval.
The filing had further stated that Unicommerce eSolutions had a net worth of Rs 246.3 million and turnover of Rs 202.7 million as on March 31, 2018.
In a separate statement, a Unicommerce spokesperson said "both parties have mutually decided not to give effect to the said agreement".
"Accordingly, there will be no change in the shareholding structure of Unicommerce, which will continue to operate as a profitable and independently managed company," the spokesperson added.
Founded in 2012, Unicommerce offers e-commerce enablement software for warehouse management and omni-channel services and has over 10,000 sellers, brands and online retailers as its clients.
Noting that Unicommerce caters to more than 15 per cent of India's e-commerce transactions and has a growing presence in the Middle East and South Asia, the spokesperson said the company will continue to deepen and expand its presence in India and key overseas markets.
As a part of this 'Snapdeal 2.0' plan, it has sold its payment services unit Freecharge to Axis Bank for Rs 3.85 billion, while its logistics arm Vulcan Express was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 350 million.