Blackstone to acquire 75% stake in VFS Global for $1.87 billion
- ByManjeet Singh | October 9, 2021
Blackstone is acquiring a 75 percent stake in VFS Global for $1.87 billion. This stake was acquired from EQT Private Equity and Kuoni and Hugentobler Foundation (KHF).
According to a press release released by Blackstone on Wednesday, the conglomerate, EQT and the Kuoni and Hugentobler Foundation (KHF) announced an agreement to acquire VFS Global in its entirety from EQT VII fund and KHF.
While Blackstone is directly investing in VFS through its minority position, EQT Private Equity will remain indirectly involved in the company. The majority shareholder, Blackstone, and the minority shareholder, KHF, will both become investors in the company following the transaction.
Global leader in visa outsourcing services, VFS Global is based in Zurich, Switzerland and Dubai, UAE. Founded by Zubin Karkaria in 2001, the Company pioneered the professionalization of the visa industry. Currently, it provides services to governments in 140 countries across five continents, including visa outsourcing services and technology. A total of 60 government agencies use VFS Global’s visa application centers in over 3,500 locations worldwide.
Zubin Karkaria, CEO of VFS Global said: “We now look forward to further cementing and building upon our market-leading position with the help of Blackstone’s scale, expertise, and global network.”
Blackstone is said to have invested close to $20 billion in India.
Follow Startup Story
Related Posts
