Türkiye’s Anadolu Isuzu, the automotive arm of Anadolu Group, is set to acquire a 75.2% state-owned stake in the Samarkand Automobile Plant (SamAuto), a joint venture in Uzbekistan.
The $80 million deal was confirmed by the State Assets Management Agency (SAMA), marking a significant step in Anadolu Isuzu’s regional expansion strategy, The Caspian Post reports, citing Uzbek media.
To organize the privatization process, SAMA engaged the international company KPMG as a financial advisor and Dentons as a legal advisor.
Following a comprehensive review of the investor’s financial, tax, and legal standing, as well as negotiations, Anadolu Isuzu submitted its final proposal, which included the purchase price of $80 million and an additional $80 million investment plan.
“As part of the investment commitment, the company will establish production of large-capacity buses and e-buses (12-18 meters) in Uzbekistan, set up licensed service centers nationwide, and export buses to Central Asia, the South Caucasus, the Middle East, and Africa. This initiative will help shape Uzbekistan into a regional transport hub,” the statement said.
ASAM noted that the investor’s offer falls within the price range determined by KPMG for the sale of the SamAuto stake and matches the valuation by the international independent appraiser PwC. The results of the privatization were approved by the State Commission on Privatization and Coordination of State Asset Privatization Processes. However, the deal’s completion requires regulatory approvals from Turkish authorities.
In June 2024, Anadolu Isuzu and ASAM signed a memorandum of understanding to explore the acquisition of a controlling stake in SamAuto and conduct the necessary assessments.
In October of the same year, Minister of Investments, Industry and Trade Laziz Kudratov met with Anadolu Isuzu President Bora Koçak.
“During the meeting, practical aspects of involving the company in Uzbekistan’s state privatization program and the implementation of automotive projects were discussed,” the statement said.
The parties also reviewed the current status of Anadolu Group’s projects in Uzbekistan. Following the talks, the minister confirmed readiness to deepen cooperation and provide comprehensive support for the Turkish company’s operations in the country.
On 23 January, Laziz Kudratov held negotiations with Anadolu Isuzu’s Director of Strategy and Business Development Ali Salihi. The sides discussed high-value projects in automotive manufacturing and the introduction of innovative technologies in Uzbekistan.
In April, Anadolu Isuzu Otomotiv Sanayii ve Ticaret A.Ş. formally submitted a proposal to privatize SamAuto by acquiring the 75.2 percent state-owned stake.
According to the Unified State Register of Enterprises and Organizations, the remaining shares in SamAuto are equally owned by two Japanese companies - Itochu Corporation and Isuzu Motors Ltd, each holding 12.4 percent.
