US-based alternative investment management company Blackstone is in advanced talks to acquire Dubai-headquartered VFS Global, the world’s largest visa outsourcing company, for $1-1.2 billion, India's Economic Times website reported citing people with knowledge of the matter.
Founded in India, VFS Global is a spinoff of Swiss travel group Kuoni. It is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation, Hugentobler Foundation and founder CEO Zubin Karkaria.
The due diligence process for the acquisition is complete and the legal documentation is expected in the coming weeks, the report said.
VFS began as a visa application services company for the US embassy in India in 2001. Since then, it has expanded to 143 countries across five continents.
(Writing by Brinda Darasha; editing by Seban Scaria)
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