UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Type your keywords

Blackstone considers selling majority stake in visa firm VFS Global

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

Read more...
Photo: Reuters

By Reuters

Published: Fri 13 Sep 2024, 8:51 AM

Last updated: Fri 13 Sep 2024, 9:15 AM

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.

Advertising
Advertising

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:

Reuters

Published: Fri 13 Sep 2024, 8:51 AM

Last updated: Fri 13 Sep 2024, 9:15 AM

Recommended for you