BLS International arm acquires 100% stake in Turkish company; shares up nearly 5%

BLS International

BLS International Services share price gained nearly 5 percent in the early trade on July 10 after the company's arm has completed acquisition of 100 percent stake in Turkey based company.

At 09:22am, BLS International Services was quoting at Rs 395.40, up Rs 18.05, or 4.78 percent, on the BSE.

"..... announced the successful completion of the acquisition of 100 percent stake in iData Danışmanlık Ve Hizmet Dış Ticaret Anonim Şirketi and its wholly owned subsidiaries, through BLS International FZE (WoS of BLS) and BLS International Holding Anonim Şirketi (WoS of BLS International FZE).

iDATA is a prominent Turkey-based player providing comprehensive visa processing and consular services to various governments, through its 37+ Visa Application Centres (VAC) in 15+ countries, serving diplomatic missions of Germany, Italy, and Czech Republic.

The company completed the acquisition in iDATA for an overall consideration of ~ Rs 720 crore, funded through internal accruals and debt.

iDATA achieved revenues of ~ Rs 246 crore and an EBITDA of ~Rs 144 crore in CY2023, as per its audited consolidated financials.

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The acquisition would enable to build relationships with the new Client Governments in Europe, enhance our visibility and consolidate market share, company said.

In the month of June, the company announced signing a pact to acquire a 55 percent controlling interest in Aadifidelis Solutions and its affiliates for an enterprise value of roughly Rs 190 crore.

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