:max_bytes(150000):strip_icc()/GettyImages-2161918796-db83db3edb994d0092080755542a3a8a.jpg "Blackstone Reportedly Mulling Sale of $7B Visa Outsourcing Firm VFS")
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KEY TAKEAWAYS
- Private equity giant Blackstone is reportedly mulling options for VFS Global, including a sale of its majority stake in the visa outsourcing and technology services firm.
- A sale of the Dubai- and Zurich-headquartered unit could value VFS at around $7 billion, Bloomberg reported.
- Blackstone has reportedly held preliminary talks with advisors to evaluate a full or partial sale of VFS, which it bought into in 2022.
Private equity giant Blackstone (BX) is reportedly mulling options for VFS Global, including a sale of its majority stake in the visa outsourcing and technology services firm.
A sale of the Dubai- and Zurich-headquartered unit could value VFS at around $7 billion, Bloomberg reported.
Blackstone Bought Majority Stake in VFS in 2022
Blackstone reportedly acquired a majority stake in VFS from Swedish investment firm EQT AB in 2022 for an undisclosed amount. EQT, as well as Kuoni and Hugentobler Foundation, continue to hold minority shares in VFS, according to Bloomberg.
VFS is an outsourcing company that undertakes administrative tasks “related to applications for visa, passport, and consular services,” according to its website.
Blackstone shares were up 2% at $149.58 in intraday trading Friday and have gained about 14% so far this year.