PHOTO
Blackstone Inc. is in preliminary talks to sell its majority stake in visa outsourcing firm VFS Global, according to Bloomberg.
The US alternative asset manager is looking at a partial or a full stake sale. The transaction could value VFS at $7 billion, it said.
According to the report, Blackstone is considering all options, including taking on a minority investor to boost growth, with firms and sovereign wealth funds reportedly also showing interesting in investing in VFS.
The discussions are at an early stage, with Blackstone also mulling the option to not go ahead with any deal, Bloomberg reported.
Blackstone came on board as a majority shareholder in VFS, headquartered in Dubai and Zurich, in 2022 after buying a stake from EQT AB for an undisclosed amount. The Swedish investor has retained a minority stake in the company, along with the Kuoni and Hugentobler Foundation.
According to VFS’ website, the firm currently operates 3,457 application centres in 153 countries.
In the UAE, it has centres in Dubai and Abu Dhabi, facilitating visa applications for Schengen countries, Saudi Arabia, among several others.
(Writing by Bindu Rai, editing by Seban Scaria)