BLS International's subsidiary has completed the acquisition of a 100% stake in a Turkish company, resulting in a nearly 5% increase in the company's shares.

BLS International Services saw its share price rise by almost 5 percent in early trading on July 10, following the announcement that its arm had completed the acquisition of a 100% stake in the Turkey-based company iDATA.

As of 09:22 AM, BLS International Services' shares were quoted at Rs 395.40, reflecting an increase of Rs 18.05, or 4.78 percent, on the Bombay Stock Exchange (BSE).

The company announced the successful completion of the acquisition of a 100% stake in iData Danışmanlık Ve Hizmet Dış Ticaret Anonim Şirketi and its wholly owned subsidiaries.

This acquisition was conducted through BLS International FZE, a wholly-owned subsidiary of BLS International, and BLS International Holding Anonim Şirketi, a wholly-owned subsidiary of BLS International FZE.

iDATA is a notable player based in Turkey, offering extensive visa processing and consular services to various governments.

It operates more than 37 Visa Application Centres (VAC) across 15+ countries, serving the diplomatic missions of Germany, Italy, and the Czech Republic.

The overall consideration for the acquisition was approximately Rs 720 crore, funded through a mix of internal accruals and debt.

According to its audited consolidated financials, iDATA achieved revenues of approximately Rs 246 crore and an EBITDA of approximately Rs 144 crore in the calendar year 2023.

BLS International stated that this acquisition would help build relationships with new client governments in Europe, enhance the company's visibility, and consolidate its market share.

This strategic move is expected to strengthen BLS International's presence in the European market and provide new opportunities for growth and expansion.

In addition to this acquisition, BLS International announced in June that it had signed an agreement to acquire a 55 percent controlling interest in Aadifidelis Solutions and its affiliates.

This deal, valued at roughly Rs 190 crore, demonstrates the company's ongoing efforts to expand its portfolio and strengthen its market position.

Through these strategic acquisitions, BLS International aims to enhance its service offerings and expand its footprint in the global visa and consular services market, positioning itself as a leading player in the industry.