Blackstone mulls selling stake in Dubai-based visa firm VFS Global

Alternative asset manager 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 $7bn, sources familiar with the matter told Bloomberg.

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

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

The asset management firm 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.

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.

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

Read: We’re making visa applications as easy as booking a flight: Atlys CEO