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VFS Global to Take Full Ownership of VFS TasHeel JV
Tuesday 13 March 2018

13 March 2018 - United Arab Emirates-based outsourced visa services provider VFS Global has agreed to take over 100% ownership of its VFS TasHeel joint venture with the TasHeel Group and Vasco, as per a binding agreement signed between both parties, the company said.

As the outsourced visa services partner of the Saudi ministry of foreign affairs, VFS TasHeel manages Saudi Arabia visa application services across 30 countries since 2013.

VFS TasHeel is currently a joint venture between the TasHeel Group and VFS Global.

The transaction will enable VFS TasHeel and Vasco to benefit from operational efficiencies and synergies with VFS Global in terms of further development of services and solutions and improving the overall service it provides to the Ministry of Foreign Affairs and Saudi Arabia visa applicants around the world.

VFS Global is in the outsourced visa services industry, serving 58 governments and with operations across 137 countries, as at 31 January 2018.

It is part of the Swiss Kuoni Group, whose principal owner is EQT, a global investment firm, headquartered in Stockholm, Sweden.

EQT is firmly committed to the growth and development of VFS Global, and this transaction will ensure that visa services will be further benefitted from VFS Global's innovative strength, it's well diversified service portfolio, investments in technology and the acknowledged quality of its global offerings.

Subject to customary approval from the competition and regulatory authorities, the transaction is expected to complete later in 2018.

There will be no change in the management core team or management processes of VFS Tasheel and Vasco and the company will continue to fulfill all its obligations in accordance with its MoFA service contract.

VFS Global is the world's largest outsourcing and technology services specialist for governments and diplomatic missions worldwide.

With 2,530 Application Centres, operations in 137 countries across five continents and over 163 m applications processed as on 31 January 2018, VFS Global is the trusted partner of 58 client governments. 
Details
Date Published: 13/03/2018
Target: VFS TasHeel
Country: Saudi Arabia ,  
Sector: Business and Consumer Services
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: TasHeel Group,  and Vasco
Buyer: VFS Global
Comment:
Buyout of JV partners

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