U.S. Consortium Acquires Uzbekistan’s MobiUz in Major Privatisation Deal
Uzbekistan’s State Assets Management Agency (UzSAMA) announced the winner of its tender to privatise a 100% state stake in the mobile network operator MobiUz, legally known as Universal Mobile Systems.
The successful bidder is an investor consortium led by U.S.-based McKim and Company with the active participation of JVR Enterprises LLC. The agreed deal values the telecom company at $351 mln. Furthermore, the new owners have pledged to invest up to $500 mln into developing and modernising the nation’s telecommunications infrastructure.
To facilitate the complex transaction, the Uzbek government brought in a suite of high-profile international consultants. Rothschild & Co served as the strategic partner, KPMG provided financial advisory services and Deloitte conducted an independent asset valuation.
The privatisation campaign was actively promoted on the global stage. UzSAMA utilised an extensive network of advisors, embarked on international roadshows and secured coverage in leading financial publications such as Bloomberg and the Financial Times.
This global outreach yielded significant interest with more than 15 investors from the U.S., Japan, Europe, the Gulf states and the South Caucasus stepping forward. The process saw ten participants submit preliminary pricing proposals before six advanced to make binding offers for the mobile operator.
According to UzSAMA, the final purchase price represents an EV/EBITDA multiple of 7.4x. This valuation comfortably exceeds the independent appraiser’s estimates and is considered highly competitive when compared to similar telecom acquisitions globally.
The landmark deal will officially close once the involved parties obtain the necessary regulatory clearances and complete all final corporate and legal procedures.
