EQT Private Equity is set to sell a majority stake in VFS Global to Blackstone and retain a minority position. According to sources, the acquisition is estimated at over $2 billion valuation.
VFS Global is the industry pioneer and the world’s largest provider of visa outsourcing services. It is 90% owned by Swedish private equity firm EQT and 10% by the Kuoni Foundation and founder-CEO ZubinKarkaria.
EQT, in an official statement announced that the EQT VII fund (EQT Private Equity) has signed a definitive agreement to sell a majority stake in VFS Global to private equity funds managed by Blackstone. EQT Private Equity will retain a minority position in the Company alongside Blackstone and the Kuoni and Hugentobler Foundation following the closing of the transaction.ZubinKarkaria commented, “With EQT’s trust and support – especially during the COVID-19 pandemic – we are in a much stronger position today and look forward to the next phase of growth together
Matthias Wittkowski, Partner within EQT Private Equity’s Advisory Team, said, “We are proud of the remarkable expansion of VFS Global’s market position and substantial improvements in its independent governance, which we achieved together with the VFS Global team in the past five years during EQT’s majority ownership. We are pleased to have found a partner in Blackstone who will continue to support VFS Global in its strong future growth story.”
Lionel Assant and Amit Dixit, Europe and Asia Head of Blackstone Private Equity, respectively, said:,”We look forward to helping the company capitalise on the global travel recovery, accelerate its digitisation journey, and expand into adjacent services.” The transaction could close by Q1 2022.