Temasek picks 17-18% stake in VFS Global for $950 million

The deal values the visa outsourcing and technology services company at $5 billion in equity and $7 billion in enterprise value.

VFS Global, headquartered in Zurich and Dubai, offers administrative solutions for governments to process passport applications and visa consular services.

Singapore's Temasek Holdings Pte. Ltd has signed an agreement to buy 17-18% in Blackstone Inc.-backed VFS Global Services Pvt. Ltd for $950 million, three people aware of the matter said.