Uzbekistan Completes MobiUz Privatisation, US Consortium Wins $351M Deal With $500M Investment Pledge

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has sold its state-owned mobile operator MobiUz to a United States-led investor consortium for US$351 million, with the buyers committing to inject up to US$500 million into the country's telecommunications infrastructure, the State Assets Management Agency said Wednesday.

The agency awarded 100 percent of Universal Mobile Systems — the legal entity operating under the MobiUz brand — to a consortium of financial investors led by McKim and Company, with JVR Enterprises LLC, doing business as JVR Capital Group, participating as the industry technology partner. Both firms are based in the United States.

The winning bid implies an enterprise value-to-EBITDA multiple of 7.4 times, which the agency said reflects a competitive business valuation relative to comparable transactions and comes in substantially above the figure determined by the independent assessor. The $500 million infrastructure investment commitment, separate from the acquisition price, signals the new owners' intent to expand and modernize MobiUz's network in one of Central Asia's fastest-growing telecommunications markets.

The sale was structured as an open international competitive tender conducted under approved privatisation programs. Rothschild and Co, the international investment bank, served as strategic adviser. KPMG, one of the Big Four accounting firms, acted as financial adviser. Deloitte served as independent valuator.

The process was promoted across international markets through the advisers' global office networks and direct engagement with more than 100 strategic and financial investors. Deal information was published in Bloomberg and the Financial Times and presented at international roadshows. The breadth of outreach drew participation from more than 15 investors spanning the United States, Japan, Gulf states, Europe, and the South Caucasus, with the majority being foreign entities.

Ten participants submitted initial price offers. Comprehensive financial and legal due diligence materials, prepared by the advisers to international standards, were made available to potential investors. Six binding offers were ultimately received. In a step designed to maximize competitive pressure and value for the state, participants were given the opportunity to improve their binding offers at a final stage before the agency rendered its decision.

Closing of the transaction remains conditional on receipt of required regulatory approvals and the completion of applicable corporate and legal procedures.

The agency extended appreciation to all investors who participated and submitted proposals, and singled out KPMG, Rothschild and Co, and Deloitte for their contribution in organizing the process to high international standards. The agency said it looks forward to continued cooperation with international investors and advisers.

The MobiUz privatisation is part of a broader Uzbek government drive to reduce state ownership across the economy. From 2021 through 2025, approximately $5.1 billion in state assets were sold, according to Fitch Ratings, which earlier this week revised its outlook on Uzbekistan's sovereign credit to Positive, citing accelerating privatisation as one of the key drivers of its improved assessment.