Temasek close to buying 20% in visa services provider VFS Global

Temasek Holdings Pte is nearing a deal to purchase a major minority stake in VFS International, based on individuals conversant in the matter, a transaction that would worth the visa outsourcing and know-how companies agency at about $7 billion together with debt.

The Singapore state-owned investor is poised to amass about 20% in carefully held VFS, which is managed by US different asset supervisor Blackstone Inc., the individuals stated, asking to not be recognized as a result of the deliberations are non-public. Temasek and Blackstone are hammering out the small print of a deal that may very well be introduced as quickly as Monday, the individuals stated. Blackstone will stay the bulk shareholder in VFS after the deal, the individuals stated.

Blackstone has been weighing choices together with a full or partial sale in VFS after receiving curiosity from traders similar to sovereign wealth funds, Bloomberg Information reported on Friday. VFS has a big presence in India, the place it gives visa utility companies for the US consulate in a number of cities.