M&A Deal Summary

The Blackstone Group and Temasek Holdings Acquire VFS Global

On October 7, 2021, private equity firm The Blackstone Group and sovereign wealth fund Temasek Holdings acquired business services company VFS Global from EQT

Acquisition Highlights
  • This is The Blackstone Group’s 14th and Temasek Holdings’ 2nd transaction in the Business Services sector.
  • This is The Blackstone Group’s 1st and Temasek Holdings’ 1st transaction in United Arab Emirates.

M&A Deal Summary

Date 2021-10-07
Target VFS Global
Sector Business Services
Buyer(s) The Blackstone Group
Temasek Holdings
Sellers(s) EQT
Deal Type Secondary Buyout

Target

VFS Global

Dubai, United Arab Emirates
VFS Global is an industry pioneer and the global number one provider of visa process outsourcing services for governments and diplomatic missions worldwide. The company also provides passport, consular, and other citizen services to governments. VFS Global was founded in 2001 and is based in Dubai, United Arab Emirates.

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Buyer(S) 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


DEAL STATS #
Overall 297 of 362
Sector: Business Services M&A 14 of 20
Type: Secondary Buyout M&A Deals 64 of 90
Country: United Arab Emirates M&A 1 of 1
Year: 2021 M&A 21 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-09 Dynamo Software

Watertown, Massachusetts, United States

Dynamo Software is a premier provider of configurable, cloud-based investment management software for the alternative asset investment industry including fund administrators, endowments, pension funds, foundations, private equity and venture capital funds, real estate investment firms, hedge funds, prime brokers, funds of funds, and family offices. Intuitive and highly configurable, the Dynamo platform has improved the productivity of fundraising, deal, research, investor relationship, and portfolio management teams worldwide. Dynamo Software was founded in 1998 and is based in Watertown, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-13 Beacon

New York, New York, United States

Beacon is a cloud-based platform for quant development that enables users to build custom trading and risk management applications. The integrated development environment and a web application framework make developing applications faster and easier. Beacon was founded in 2014 and is based in New York, New York.

Buy -
Buyer

Temasek Holdings

Investor Investor Investor Investor Investor


Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 434.0B SGD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.


DEAL STATS #
Overall 42 of 50
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 9
Country: United Arab Emirates M&A 1 of 1
Year: 2021 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Intapp

Palo Alto, California, United States

Intapp provides software and services that enable professional services and capital markets firms to thrive in an increasingly competitive marketplace, enhancing their ability to win more business, operate efficiently, manage risk and drive project and client success. Intapp offer a professional services platform – purpose-built for this industry – spanning the entire client life cycle, with solutions for client development, business acceptance and client delivery. Intapp was founded in 2000 and is based in Palo Alto, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-13 ClassPass

New York, New York, United States

ClassPass connects members to a variety of fitness experiences, including yoga, cycling, pilates, barre, running, strength training, dance, sports, videos, and more with over 10,000 partners in 50 cities worldwide. ClassPass was formed in 2013 and is based in New York City.

Sell -

Seller(S) 1

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 154 of 194
Sector: Business Services M&A 6 of 8
Type: Secondary Buyout M&A Deals 46 of 61
Country: United Arab Emirates M&A 1 of 2
Year: 2021 M&A 16 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-27 EC-Council

Albuquerque, New Mexico, United States

EC-Council develops and provides proprietary cybersecurity training and certification programs for customers in more than 145 countries around the world, both directly and through more than 700 partners. The Company has experienced strong growth in recent years driven by a rising need to protect corporations against increasingly complex cyber threats and a widening gap in the supply and demand of digital talent in the cybersecurity industry. EC-Council was formed in 2001 and is based in Albuquerque, New Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Adamo

Barcelona, Spain

Adamo is a provider of high-speed internet services over an own fiber-based access network. Adamo’s network covers over 100,000 households. Adamo was founded in 2004 and is based in Barcelona, Spain.

Sell -