Infibeam Avenues Limited an India-based e-commerce site on Friday said that it had terminated the deal of acquiring of Unicommerce eSolutions Pvt Ltd a subsidiary of e-commerce platform Snapdeal.
In its filing at the stock market, Infibeam said that “We would like to inform you that the company has canceled the acquisition deal as Snapdeal did not fulfill the conditions within the stipulated period.”
In a statement issued by Snapdeal on Saturday, the company said that “The decision to cancel the deal was mutual.” It declined to give a reason for the deal falling through and did not say if it has a plan to approach the new buyer for Unicommerce.
In May this year, Infibeam announced that it had signed a pact to acquire the 100 percent stakes of Unicommerce technology from Snapdeal for Rs 120 crore as a sale.
