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Blackstone mulls selling stake in visa firm VFS Global, Bloomberg News reports
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Blackstone mulls selling stake in visa firm VFS Global, Bloomberg News reports
Sep 13, 2024 2:34 PM

Sept 12 (Reuters) - 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.

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-judgmental and administrative tasks related

to applications for visa, passport, and consular services for

governments.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Mrigank

Dhaniwala and Subhranshu Sahu)

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