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Blackstone

US-based alternative investment management firm Blackstone is considering selling its stakes in visa outsourcing and technology services company VFS Global, Bloomberg reported, citing people familiar with the matter. 

According to the report, Blackstone has already held discussions with advisors to evaluate a full or partial stake sale in VFS Global. 

People who wished to stay anonymous also noted that a potential sale could value VFS Global at about $7 billion. 

This move from Blackstone comes after the US-based asset manager received interest from potential investors.

Negotiations at the Early Stage

Bloomberg reported that Blackstone is considering bringing in a minority investor to help raise cash and boost growth. 

People who disclosed the possible deal to Bloomberg revealed that firms including sovereign wealth funds are showing interest to invest in the asset. 

However, the report added that considerations are at an early stage and Blackstone may still decide against pursuing a deal, the report said.

VFS Global: All You Need to Know

The US-based asset manager bought majority stakes in VFS Global in October 2022 from Sweden-based EQT AB for an undisclosed amount. 

Currently, the Swedish investor holds a minority stake in the company, along with Kuoni and Hugentobler Foundation. 

VFS Global is headquartered in Zurich and Dubai. According to the company website, VFS Global provides technology solutions and support to governments and diplomatic missions worldwide on visa outsourcing services. 

The company also manages non-judgmental and administrative tasks related to applications for visas, passports, and consular services for governments. 

VFS Global currently operates 3,457 application centres in 153 countries.

Moreover, the company has processed over 294 million applications since its inception in 2001, and around 141 million biometric enrollments since 2007.

In the UAE, VFS Global has centres in Dubai and Abu Dhabi, facilitating visa applications for Schengen countries, and Saudi Arabia, among several others.