BLS International Services (BLS), a worldwide tech-enabled companies companion for governments and residents, has signed a definitive Share Buy Settlement via its subsidiary BLS International FZE, UAE, to amass a 100 per cent stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi (“iDATA”) and its subsidiaries. The acquisition, valued at Euro 50 million (INR 450 crores) and extra milestones-based funds, is about to fortify BLS’s presence in visa and consular companies on a worldwide scale.
iDATA, a distinguished participant based mostly in Turkiye, specialises in complete visa and consular companies and manages over 37 Visa Application Centres (VAC) throughout 15+ nations. Serving diplomatic missions of Germany, Italy, and the Czech Republic, iDATA has been the unique supplier of visa & consular companies to the Italy Diplomatic mission since 2006 and the German authorities since 2012 in sure geographies. In 2022, iDATA achieved revenues of EURO 19.9 million (INR 180 crores) and EBITDA of EURO 10.4 million ( INR 94 crores).
Funded primarily via inner accruals, the acquisition is anticipated to be accomplished within the present monetary yr, topic to authorities & regulatory approvals. PwC, Turkiye, and Lagrange Level Advisors LLP, Mumbai, served as transaction advisors, whereas Dentons Link Legal, India, and Balcioğlu Selçuk Ardiyok Keki Legal professional Partnership (BASEAK), Turkiye, acted as authorized advisors.
Shikhar Aggarwal, Joint Managing Director, BLS Worldwide Providers, said, “We’re thrilled to announce the acquisition of iDATA and its subsidiaries, marking a major milestone in BLS Worldwide’s journey. This strategic transfer underscores our dedication to turning into a worldwide chief in tech-enabled companies for Governments and residents. This acquisition not solely expands our operational footprint but additionally reinforces our dedication to fostering enduring relationships with Governments. We look ahead to the completion of this transaction, which can additional exemplify our core values of reliability, transparency, and effectivity whereas supporting the important features of Governments internationally.”
The infusion of funds, a big a part of which is earmarked for the airline’s progress, is predicted to fortify SpiceJet, making it extra resilient within the dynamic aviation panorama. The transfer is anticipated to open new market potential and alternatives for SpiceJet, enabling the revival of grounded planes and the enhancement of its operational capabilities.
