Private Equity

PE Fund Investments

Temasek picks 18% in visa processing co. VFS for $950-M: report

Mint   VFS Global Services  

Singapore's Temasek Holdings is to buy 17-18% in Blackstone-backed VFS Global Services for USD 950 million. VFS Global offers administrative solutions for governments to process passport applications and visa consular services. The deal values the company at USD 5 Billion in equity and USD 7 Billion in enterprise value.In 2021, Blackstone had acquired a 75% stake in VFS Global from Swedish private equity firm EQT AB for USD 1.8 Billion.Founded in 20021 by Zubin Karkaria, who serves as chief executive, VFS Global has processed over 294 million applications and about 141 million biometric enrolments since 2007.