Signage is seen at the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS
Blackstone (BX.N), is considering options including a sale of its majority stake in visa application outsourcing and technology services firm VFS Global after receiving interest from prospective investors, Bloomberg News reported on Thursday.
A potential transaction could value VFS at about $7 billion, Bloomberg reported, citing people familiar with the matter.
Blackstone and VFS did not immediately respond to Reuters’ requests for comment.
Alternative asset manager Blackstone bought a majority stake in VFS Global from EQT AB (EQTAB.ST), in October 2021, with EQT retaining a minority position.
Blackstone has held preliminary discussions with advisers to evaluate a full or partial stake sale in VFS, and one of the options could include bringing in a minority investor to help raise cash and boost growth, the Bloomberg report said.
Considerations are at an early stage and Blackstone may still decide against pursuing a deal, the report said.
Headquartered in Zurich and Dubai, VFS Global provides technology solutions and support to governments and diplomatic missions worldwide on visa outsourcing services, according to its website.
It manages non-judgmental and administrative tasks related to applications for visas, passports, and consular services for governments.
(This story has been corrected to say sell majority stake in VFS, not sell VFS in the headline, and also corrects story link in paragraph 7)
Wall Street’s main indexes rose on Thursday after higher-than-expected producer prices data reinforced expectations for a quarter-point rate cut by the Federal Reserve at its policy meeting next week.
Reporting by Rishabh Jaiswal in Bengaluru; Editing by Mrigank Dhaniwala and Subhranshu Sahu
