BLS International FZE, UAE, has signed a deal to acquire Turkiye-based iDATA for Rs 450 crore, enhancing its visa and consular service portfolio.
BLS International Services has entered into a share purchase agreement through its subsidiary BLS International FZE, UAE to acquire iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi and its wholly-owned subsidiaries for an enterprise value of 50 million euros (about Rs 450 crore).
Turkiye-based iDATA specialises in visa and consular services.
As per the audited consolidated financials for the calendar year 2022, iDATA achieved revenues of 19.9 million euros (about Rs 180 crore) and EBITDA of 10.4 million euros.
"The acquisition would be funded mainly through our internal accruals. Further, the transaction will be EPS accretive from day one and is anticipated to be completed in the current financial year, subject to government and regulatory approvals," BLS International Services (BLS) said in a regulatory filing on Monday.
"We look forward to the completion of this transaction, which will further exemplify our core values of reliability, transparency, and efficiency while supporting the essential functions of governments across the world," said Shikhar Aggarwal, Joint Managing Director of BLS, which is into visa services.
The company said PricewaterhouseCoopers (PwC), Turkiye and Lagrange Point Advisors LLP, Mumbai jointly acted as transaction advisors to BLS on this transaction. Dentons Link Legal, India and Balcioglu Selçuk Ardiyok Keki Attorney Partnership (BASEAK), Turkiye acted as legal advisors for the transaction.
BLS works with more than 46 client governments, including diplomatic missions, embassies and consulates.
BLS International FZE, UAE is a fully-owned subsidiary of BLS International Services.
The New Delhi-headquartered company has an extensive network of more than 50,000 centres globally, with a robust strength of over 60,000 employees and associates that provide consular, biometrics, and citizen services.
BLS said it has processed more than 220 million applications to date globally.
Shares of BLS International Services traded 0.44 per cent lower at Rs 387.25 a piece on BSE.