Uzbekistan launches international process of privatization of telecommunications company MobiUz

The Agency for State Asset Management of the Republic of Uzbekistan announced the launch of open international privatization process 100% state share in the authorized capital of a telecommunications operator ООО «Universal Mobile Systems» (MobiUz).

Leading international consultants are involved in the process to ensure transparency and efficiency of the transaction:

• Rothschild & Co acts as a strategic and financial consultant,
• KPMG provides financial support for privatization and comprehensive expertise (vendor due diligence),
• Deloitte attracted to conduct an independent assessment of the asset's value.

About the company
MobiUz — one of the key mobile operators in Uzbekistan, providing services in the 4G LTE, UMTS and GSM standards. By the end of 2024, the company showed strong financial results:

• Net revenue amounted to 2.086 trillion soums,
• The subscriber base has reached 7.8 million users.

The growth of the country's economy and population opens up significant prospects for the development of the telecommunications sector and further expansion of MobiUz's business.

Terms and stages of privatization
The privatisation will take place in the format of an open and competitive international competition, accessible to both national and foreign investors. The process consists of three stages:

• Expression of Interest (EoI) – submission of an application for interest;
• Non-Binding Offers – NBO) - representation of non-binding offers;
• Binding Offers (BO) – submission of binding commercial offers.

EoI Application Submission
Applications for expressions of interest are accepted until 18: 00 (Tashkent time) on August 1, 2025. The application can be prepared in Uzbek, Russian or English and must contain::

• Brief information about the participant,
• Data on shareholders holding more than 5% of the share,
• Financial statements for the last 3 years.

Contact addresses for submitting applications:

• oleg.pushkarev@rothschildandco.com
• fara.babaev@rothschildandco.com
• ssandykbayeva@kpmg.com

Applicants will be selected on the basis of financial viability, transparency of the ownership structure and compliance with international sanctions requirements. Participants who have passed the EoI stage will receive a notification of their progress to the next level with an official letter of procedure.
Next steps: data access and due diligence
At the stage of submitting non-binding offers, participants are granted access to the Virtual Data Room (VDR). After signing a non-disclosure agreement (NDA), applicants will be able to review MobiUz's corporate documentation and prepare their proposals.

The final stage involves:

• providing vendor due diligence from KPMG,
• business visit,
• signing the Term Sheet,
• making a security deposit of at least 1% of the offered amount.

Promotion and transparency
Following the announcement, Rothschild & Co and KPMG will actively promote the asset internationally, using their global offices and business relationships. The State Assets Agency, together with consultants, will inform participants about each stage of the auction.
Right to make changes
The Agency reserves the right to::

• change the deadline for submitting applications,
• suspend or terminate the process at any stage,
• refuse to negotiate with any of the participants without giving reasons,
• negotiate with selected candidates on an exclusive basis.

The privatization of MobiUz provides investors with access to a strategically important asset in Uzbekistan's growing telecommunications market and represents one of the country's largest digital sector deals in recent years.