Blackstone mulls selling stake in Dubai-based visa firm VFS Global
The asset management firm bought a majority stake in VFS Global from EQT in October 2021, with EQT retaining a minority position
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.
