Mobiuz Mobile Operator Privatization Valued at $351 Million

Uzbekistan has finalized the international privatization of Universal Mobile Systems LLC, known as Mobiuz, selling its 100% state stake for $351 million. The State Assets Management Agency announced the completion of the deal, which was won by a US-led consortium comprising McKim and Company (formerly VentureRound) and its technology partner JVR Enterprises LLC (JVR Capital Group).

The winning bid values the company at $351 million and includes a commitment to invest up to $500 million in the country's telecom infrastructure. The agency highlighted that the price represents a strong EV/EBITDA multiple of 7.4x, significantly exceeding the independent appraiser's valuation and reflecting a competitive market assessment.

The privatization process involved an international open tender, with strategic consulting from Rothschild & Co, financial advisory by KPMG, and independent valuation by Deloitte. The process was promoted globally, reaching over 100 potential investors through networks and meetings. Information was published in Bloomberg and the Financial Times, and the project was presented during international roadshows.

More than 15 investors from the United States, Japan, Europe, the Gulf region, and the South Caucasus participated, with most being foreign entities. Ten investors submitted initial offers, and six submitted binding offers after receiving financial and legal due diligence materials prepared to international standards. Regulatory approvals and standard corporate procedures are still required for the deal's final closing.

Mobiuz was established in 2014 and has undergone ownership changes, with the state becoming the sole owner in 2018 before rebranding as Mobiuz in 2019. Privatization plans were announced in 2020, with the sale now completed following earlier expectations and presidential decrees reaffirming the task.