Blackstone Considers Selling Majority Stake In Visa Firm VFS Global

2024-09-13 05:01:11

(MENAFN- Khaleej Times) Blackstone is considering options including a sale of its majority stake in visa application outsourcing and technology services firm VFS Global after receiving interest from prospective investors, Bloomberg News reported on Thursday.

A potential transaction could value VFS at about $7 billion, Bloomberg reported, citing people familiar with the matter.

Blackstone and VFS did not immediately respond to Reuters' requests for comment.

Alternative asset manager Blackstone bought a majority stake in VFS Global from EQT AB in October 2021, with EQT retaining a minority position.

Blackstone has held preliminary discussions with advisers to evaluate a full or partial stake sale in VFS, and one of the options could include bringing in a minority investor to help raise cash and boost growth, the Bloomberg report said.

Considerations are at an early stage and Blackstone may still decide against pursuing a deal, the report said.

Headquartered in Zurich and Dubai, VFS Global provides technology solutions and support to governments and diplomatic missions worldwide on visa outsourcing services, according to its website.

It manages non-judgemental and administrative tasks related to applications for visa, passport, and consular services for governments.

ALSO READ:

Blackstone to buy Australia's AirTrunk in $16 billion deal

UAE: Telecom major e& denies acquiring a stake in United Group

MENAFN13092024000049011007ID1108670122

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.