Private Equity

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Blackstone in talks to acquire visa outsourcing co VFS Global for $1-B

Economic Times  

Private equity major Blackstone is in advanced discussions to acquire VFS Global, the world's largest visa outsourcing company, for USD 1-1.2 billion as travel restrictions gradually ease with more people getting vaccinated against Covid-19. Founded in India, VFS Global is a spinoff of Swiss travel group Kuoni. It's 90% owned by Swedish private equity firm EQT and 10% by the Kuoni Foundation, Hugentobler Foundation and founder CEO Zubin Karkaria. The private equity firm bought Kuoni in 2016 with a view to breaking the company up. In 2018, the Kuoni Group merged into VFS Global, making its India-born business the mainstay of the group. The due diligence exercise for the visa-processing firm is complete.