EQT is pleased to announce that the EQT VII fund (“EQT Private Equity”) has signed a definitive agreement to sell a majority stake in VFS Global (the “Company”) to private equity funds managed by Blackstone (”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.
Headquartered in Zurich, Switzerland and Dubai, United Arab Emirates, VFS Global is an industry pioneer and the world’s largest provider of visa outsourcing services, such as administrative and non-judgmental tasks related to visa, passport and consular services for governments and diplomatic missions worldwide. The Company serves over 60 client governments through more than 3,500 Visa Application Centers in more than 140 countries across five continents.
EQT Private Equity acquired Kuoni Group in May 2016, which at the time consisted of three business segments: GTA, GTS (Kuoni Global Travel Services) and VFS Global. Following a strategic repositioning of the business, the GTA and GTS segments were divested in 2017, allowing EQT Private Equity to focus fully on the development of VFS Global as a standalone portfolio company.
During EQT Private Equity’s ownership, VFS Global has successfully expanded its differentiated market position with industry-leading technologies, infrastructure and capabilities. The company strengthened its long-term client government relationships, won major new contracts, and serves more client governments than ever before. The Company successfully broadened its product range into lesser travel-dependent offerings, such as passport and consular services. It strengthened its digital capabilities and executed on multiple inorganic opportunities. While VFS Global’s operations were impacted by travel restrictions imposed by the Covid-19 pandemic, the Company successfully adjusted to the new travel patterns and is well-positioned to benefit from the strong demand when travel resumes as a vital part of the global economy.
Read more/Source: NewsCision
