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BLS International Services (BLS), a global tech-enabled services partner for governments and citizens, has signed a definitive Share Purchase Agreement through its subsidiary BLS International FZE, UAE, to acquire 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 additional milestones-based payments, is set to fortify BLS’s presence in visa and consular services on a global scale.
iDATA, a distinguished player based in Turkiye, specialises in comprehensive visa and consular services and manages over 37 Visa Application Centres (VAC) across 15+ countries. Serving diplomatic missions of Germany, Italy, and the Czech Republic, iDATA has been the exclusive provider of visa & consular services to the Italy Diplomatic mission since 2006 and the German government since 2012 in certain 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 mainly through internal accruals, the acquisition is anticipated to be completed in the current financial year, subject to government & regulatory approvals. PwC, Turkiye, and Lagrange Point Advisors LLP, Mumbai, served as transaction advisors, while Dentons Link Legal, India, and Balcioğlu Selçuk Ardiyok Keki Attorney Partnership (BASEAK), Turkiye, acted as legal advisors.
Shikhar Aggarwal, Joint Managing Director, BLS International Services, stated, “We are thrilled to announce the acquisition of iDATA and its subsidiaries, marking a significant milestone in BLS International’s journey. This strategic move underscores our commitment to becoming a global leader in tech-enabled services for Governments and citizens. This acquisition not only expands our operational footprint but also reinforces our dedication to fostering enduring relationships with Governments. 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.”
The infusion of funds, a large part of which is earmarked for the airline’s growth, is expected to fortify SpiceJet, making it more resilient in the dynamic aviation landscape. The move is anticipated to open new market potential and opportunities for SpiceJet, enabling the revival of grounded planes and the enhancement of its operational capabilities.
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