Uzbekistan has completed the privatization deal of the state-owned mobile operator MobiUz, selling 100% of the company to an American investment consortium for $351 million. Additionally, the new owners have committed to investing up to $500 million in the development of the country's telecommunications infrastructure. The buyer was a group led by McKim and Company with the participation of JVR Enterprises LLC (JVR Capital Group) from the USA.
According to the terms of the deal, the business valuation was calculated using an EV/EBITDA multiple of 7.4x, which the authorities called a competitive indicator compared to similar transactions. A separate investment commitment is not included in the purchase price and is aimed at modernizing and expanding MobiUz networks in the rapidly growing telecom market of the region.
The privatization was conducted through an international tender with the participation of over 100 investors from various countries, including the USA, Europe, Asia, and the Middle East. Consultants Rothschild & Co, KPMG, and Deloitte worked on the process, and the final stage included six binding offers. After a competitive selection, the state chose the most favorable option in terms of price and investment conditions.