Uzbekistan has completed the privatisation of its state-owned mobile operator MobiUz, selling the telecom asset to a United States-led investor consortium for $351 million, alongside a commitment to invest up to $500 million in network development and digital infrastructure.

The transaction covers 100% of Universal Mobile Systems, the legal entity operating under the MobiUz brand. The winning consortium is led by McKim and Company, with JVR Capital Group acting as the industry technology partner, The Caspian Post reports via UzDaily.

Major Investment Planned for Telecom Expansion

According to Uzbekistan’s State Assets Management Agency, the deal implies an enterprise value-to-EBITDA multiple of 7.4x, reflecting strong market valuation compared to similar transactions. The additional $500 million investment commitment, separate from the acquisition price, is expected to significantly upgrade Uzbekistan’s telecommunications infrastructure.

The investment signals confidence in one of Central Asia’s fastest-growing digital markets, with plans to expand coverage, improve network quality, and accelerate technological modernization.

Competitive International Tender Process

The sale was carried out through an open international tender under Uzbekistan’s privatisation programme, supported by leading global advisory firms.

Rothschild & Co served as strategic adviser, while KPMG acted as financial adviser. Deloitte was appointed as independent valuator.

The process was widely promoted across international markets through global roadshows and financial networks, attracting more than 100 investors from the United States, Japan, Europe, Gulf states, and the South Caucasus. Ten initial bids were submitted, with six final binding offers received.

In the final stage, bidders were invited to improve their proposals in a competitive round before the government selected the winning offer.

Part of Wider Privatization Drive

Uzbekistan has been steadily expanding its privatisation programme as part of broader economic reforms aimed at reducing state ownership and attracting foreign investment. Between 2021 and 2025, the country sold approximately $5.1 billion in state assets.

The MobiUz deal comes as international rating agency Fitch recently revised Uzbekistan’s sovereign outlook to “Positive,” citing accelerating reforms and privatisation efforts as key supporting factors.