Temasek Holdings Pte is nearing a deal to acquire a substantial minority stake in VFS Global, valuing the visa outsourcing and technology services company at approximately $7 billion, including debt. The Singapore state-owned investor is expected to purchase about 20% of VFS Global, which is currently controlled by US alternative asset manager Blackstone Inc. The deal, which could be announced as early as Monday, is still under negotiation with no final decisions made yet.

Blackstone will retain the majority stake in VFS Global post-transaction. The discussions come as Blackstone considers various options, including a full or partial sale of its stake. Blackstone had acquired a majority interest in VFS from EQT AB in 2022, with EQT and the Kuoni and Hugentobler Foundation maintaining minority shares.

VFS Global, headquartered in Zurich and Dubai, offers visa and passport processing services for governments and has handled over 294 million applications since its founding in 2001. The firm is especially prominent in India, where it manages visa services for the US consulate.

Temasek’s net portfolio value stood at S$389 billion ($288 billion) as of March. The firm has significantly invested in India, deploying nearly $37 billion over the past two decades, with plans to increase this commitment. Temasek is focused on minority stakes and aiding the growth of Indian companies, concentrating on areas such as digitization, consumption, and sustainable living.