American alternative investment management company, Blackstone, is in advanced talks to acquire Dubai-headquartered VFS Global, the world’s largest visa outsourcing company, for $1-1.2 billion, reports say.
Both sides, Zawya notes citing India’s Economic Times website, have completed the due diligence process for the acquisition. The legal documentation is expected in the coming weeks.
VFS Global, founded in India, is a spinoff of Swiss travel group Kuoni. The company is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation, Hugentobler Foundation and founder CEO Zubin Karkaria.
VFS has been providing visa processing service to the US embassy in India since 2001. It receives visa applications of 143 countries across five continents.
Blackstone in talks to acquire Dubai-headquartered VFS Global
