Blackstone, the US-based alternative investment management company, is in discussion with VFS Global, the Dubai-based visa outsourcing company, to buy it out for $1.2 billion.
VFS Global is a spinoff of Swiss travel group Kuoni. It is 90 percent owned by Swedish private equity firm EQT and 10 percent by the Kuoni Foundation, Hugentobler Foundation and founder CEO Zubin Karkaria.
The due diligence process for the acquisition is complete and the legal documentation is expected in the coming weeks, the report said.
VFS began as a visa application services company for the US embassy in India in 2001. Since then, it has expanded to 143 countries across five continents.