Temasek to pick up 18% stake in VFS Global for $950 mn: Report

Bloomberg reported earlier this month on Temasek’s interest in Blackstone-backed VFS Global.

Singapore’s Temasek Holdings Pte Ltd has finalised a deal to pick up 17-18 percent in VFS Global Services Pvt Ltd for $950 million, according to sources who spoke to Livemint. The deal values the visa outsourcing and technology services company at $5 billion in equity and $7 billion in enterprise value.

News agency Bloomberg had earlier this month reported on Temasek’s interest in Blackstone-backed VFS Global. In 2021, Blackstone purchased a 75 percent stake in the company from EQT AB for $1.8 billion.

VFS Global, headquartered in Zurich and Dubai, provides administrative solutions for visa applications and consular services. The company has processed over 294 million applications since 2007, with a notable presence in India. VFS Global rebounded remarkably from a setback during Covid, recording a 65 percent growth in 2022-23. The onboarding of Saudi Arabia as a client is expected to further boost the application processing.

Temasek is on an acquisition spree. Last week, the company applied to the Competition Commission of India (CCI) for approval to acquire a stake in foodtech company Rebel Foods, known for its popular cloud kitchen brands like Faasos, Behrouz Biryani, and Oven Story, as reported by news agency PTI.

Earlier this month, Bloomberg reported that Temasek was negotiating to acquire a minority stake in Haldiram Snacks Pvt Ltd. This deal could value India’s largest snack manufacturer at approximately $11 billion.