Blackstone considers selling $7 billion visa company VFS Global
What's the story
Blackstone Inc. is reportedly contemplating the sale of its majority stake in VFS Global, a leading visa outsourcing and technology services firm. This decision comes after the US-based alternative asset manager received interest from potential investors. The company is also considering bringing in a minority investor to raise funds and support growth, according to Bloomberg, citing sources familiar with the matter.
Sale deliberations
Preliminary discussions on stake sale underway
Blackstone has initiated preliminary discussions with advisers to assess the possibility of a full or partial stake sale in VFS Global. A potential transaction could value VFS at approximately $7 billion, according to sources who wished to remain anonymous due to the private nature of these discussions. However, it's important to note that these considerations are still in their early stages and Blackstone may ultimately decide against pursuing a deal.
Company profile
VFS Global's operations and Blackstone's acquisition
VFS Global, with headquarters in Zurich and Dubai, offers administrative solutions for processing passport applications and visa consular services to governments. Since its inception in 2001, the company has processed over 294 million applications and around 141 million biometric enrollments since 2007. Blackstone acquired a majority stake in VFS from EQT AB in 2022 for an undisclosed sum, while the Swedish investor retained a minority stake alongside the Kuoni and Hugentobler Foundation.