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BLS International subsidiary to acquire Turkish visa service provider for 450 crore [Video]

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A wholly-owned subsidiary of visa services provider BLS International Ltd. has entered into a share purchase agreement to acquire 100% stake in iDATA and its subsidiaries for an enterprise value of €50 million or ₹450 crore, it said in an exchange filing.

iDATA is a prominent player based in Turkey and specialises in visa and consular services. BLS International calls the deal a “strategic addition” to its expanding portfolio.

BLS International plans on funding this acquisition mainly through its internal accruals. The transaction will also be EPS accretive from day one and is anticipated to be completed in the current financial year, the company said.

iDATA currently operates more than 37 visa application centres in over 15 countries and serves diplomatic missions of Germany, Italy and the Czech Republic. iDATA is also the exclusive provider of visa and consular services to Italy’s diplomatic mission since 2006 and the German government …

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