Temasek Holdings Pte Ltd, based in Singapore, has completed a significant deal to acquire a 17-18 percent stake in VFS Global Services Pvt Ltd for $950 million. This transaction values the visa outsourcing and technology services company at approximately $5 billion in equity and $7 billion in enterprise value.
Temasek’s investment highlights its interest in VFS Global, which is backed by Blackstone. In 2021, Blackstone acquired a 75 percent stake in the firm from EQT AB for $1.8 billion, showcasing the growing appeal of VFS Global in the market.
Headquartered in Zurich and Dubai, VFS Global specializes in providing administrative solutions for visa applications and consular services. Since its establishment in 2007, the company has processed over 294 million applications and has a strong presence in India. Following the challenges posed by the Covid-19 pandemic, VFS Global experienced a remarkable recovery, reporting a 65 percent growth in the fiscal year 2022-23.
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The company’s growth trajectory is expected to be further bolstered by the recent onboarding of Saudi Arabia as a client, enhancing its application processing capabilities.
In addition to this acquisition, Temasek is actively pursuing other investments, having recently sought approval from the Competition Commission of India (CCI) to acquire a stake in Rebel Foods, a foodtech company recognized for its popular cloud kitchen brands like Faasos, Behrouz Biryani, and Oven Story.
