BLS International Services Limited has announced the acquisition of Citizenship Invest DMCC, UAE, through its wholly-owned subsidiary, BLS International FZE. The acquisition involves a 100% equity purchase of Citizenship Invest and its subsidiaries, marking a significant expansion in BLS International’s portfolio within the visa and consular services sector.
According to the company’s filing with the National Stock Exchange of India Ltd. (NSE), BSE Limited, and the Metropolitan Stock Exchange of India Ltd., BLS International FZE has signed a definitive share purchase agreement valued at USD 31 million or Rs 260 crore. The acquisition is expected to be completed by October 31, 2024, subject to approval from the Dubai Multi Commodity Centre (DMCC).
Citizenship Invest DMCC, established on September 15, 2020, specializes in immigration services, focusing on long-term visa solutions such as citizenship and residency services. The company reported a turnover of USD 9.6 million for the calendar year 2023, a significant increase from USD 7.5 million in 2022 and USD 2.2 million from September 2020 to December 2021. Citizenship Invest operates in the UAE and has subsidiaries in Iraq and Turkey.
The acquisition is a strategic move for BLS International, aligning with its objective to broaden its service offerings in the visa and consular services market. “This acquisition enhances our capabilities and positions us strongly in the long-term visa solutions segment, further expanding our global footprint,” stated the company.
The transaction will be financed through cash consideration, and upon completion, BLS International will gain full control over Citizenship Invest DMCC and its subsidiaries.
