US-based alternative asset manager Blackstone Inc is considering various options for its majority stake in VFS Global, Bloomberg reported on Friday.
The considerations come in response to interest from potential investors.
Sources familiar with the matter, who spoke on condition of anonymity, revealed to Bloomberg that Blackstone has initiated preliminary discussions with advisers to evaluate the possibility of a full or partial stake sale in VFS Global. The potential transaction could value the company at approximately $7 billion.
One of the options under consideration is bringing in a minority investor to help raise capital and drive growth. The sources indicated that several firms, including sovereign wealth funds, have expressed interest in investing in the asset.
VFS Global, headquartered in Zurich and Dubai, specialises in providing governments with administrative solutions for processing passport applications and visa consular services. Since its inception in 2001, the company has processed over 294 million applications and about 141 million biometric enrollments since 2007.
Blackstone acquired its majority stake in VFS Global from EQT AB in 2022 for an undisclosed amount. Following the acquisition, EQT AB retained a minority stake in the business, along with the Kuoni and Hugentobler Foundation.
These considerations are still in the early stages, and Blackstone may ultimately decide against pursuing any deal. When approached by Bloomberg for comment, a representative for Blackstone declined to provide any statement on the matter.
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