BLS International To Acquire 100% Stake In Citizenship Invest For $31 Mn

In a strategic expansion of its portfolio in Visa and Consular services, BLS International Service or BLS, a visa service provider has notified about the signing of a definitive agreement to acquire a 100 per cent stake in Citizenship Invest (CI), a Dubai-based advisory firm.

The acquisition value of the 100 per cent stake is USD 31 million (around Rs 260 Crore) and the transaction would be funded through internal accruals. The transaction is expected to be completed by 31 October 2024, subject to necessary approvals.

“This acquisition underscores our commitment to broadening our service offerings within the Visa & Consular space and aligns with our strategic vision of enhancing synergies and boosting EBITDA. The company’s outstanding 99 per cent application success rate, combined with its high revenue per application, aligns perfectly with our customer-centric philosophy,” Shikhar Aggarwal, Joint Managing Director of BLS commented on the acquisition.

BLS aims to expand its portfolio in long-term visa solutions such as citizenship and residency services through the acquisition of CI, which specialises in fast-track investor programs for obtaining residence and citizenship across more than 15 countries.

“By integrating CI into our portfolio, we are enhancing our capabilities in offering long-term visa solutions and further solidifying our position as a comprehensive global provider of visa and consular services. We are confident this acquisition will drive growth, increase application, and strengthen our presence in the international market,” Aggarwal added.

As far as the financial performance of CI is concerned, it reported audited revenues of USD 9.6 million (around Rs 81 Crore ) and an EBITDA (earnings before interest, taxes, depreciation and amortisation) of USD 4.4 million (around Rs 37 Crore), reflecting a robust EBITDA margin of 45 per cent in the calendar year 2023. The business witnessed revenue growth of 28 per cent, EBITDA growth of 43 per cent and its margin expanded by 470 basis points (bps) compared to CY22 during CY23.