BLS International hits 52-week high as subsidiary nears buying 100% in Turkey firm

The acquisition would be funded mainly through internal accruals, says company.

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Shares of BLS International Services scaled a 52-week high of Rs 412.90 in early trade on January 16 as the company plans to acquire 100 percent in the Turkey-based company.

At 9:23am, BLS International was quoting at Rs 402.35, up Rs 13.40, or 3.45 percent, on the BSE.

“The company has entered into a definitive share purchase agreement through its wholly owned subsidiary BLS International FZE, UAE, to acquire 100 percent stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi and its wholly owned subsidiaries for an enterprise value of €50 million (around Rs 450 crore) and additional milestones-based payments,” the company said in its press release.

A prominent player based in Turkey, iDATA specialises in visa and consular services, making it a strategic addition to company’s expanding portfolio, BLS International said.

Incorporated in Turkey, iDATA provides comprehensive visa applications and consular services to various governments. The company operates more than 37 visa application centres (VAC) across more than 15 countries, serving diplomatic missions of Germany, Italy and the Czech Republic.

The acquisition would be funded mainly through internal accruals, it added. The transaction will be EPS accretive from day one and is likely to be completed in the current financial year, subject to government and regulatory approvals.

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PricewaterhouseCoopers (PwC), Turkey, and Lagrange Point Advisors LLP, Mumbai, jointly acted as transaction advisors to BLS on this transaction.

Dentons Link Legal, India and Balcioğlu Selçuk Ardiyok Keki Attorney Partnership (BASEAK), Turkey, acted as legal advisors for the transaction.

In December 2023, the company had awarded the contract for outsourcing consular, passport, and visa services by the High Commission of India (HCI) in Canada. This contract encompasses operations at HCI in Ottawa and Consulate Generals of India (CGIs) in Toronto and Vancouver.

In November 2023, the company had received a contract from the Unique Identification Authority of India (UIDAI), to conduct a comprehensive data quality check for Aadhaar information, the national unique ID project. The project will last for three years and can be extended for another two.