Uzbekistan’s State Assets Management Agency has released new details about the privatization of mobile operator “Universal Mobile Systems” (Mobiuz).
Sale process and participants
The public sale process began in June, with KPMG and Rothschild & Co engaged as strategic and financial advisors. Over two months, they held negotiations with more than 100 potential investors.
By August 1, 2025, 18:00 (Tashkent time), applications expressing interest in acquiring the asset were received from 15 foreign and local companies from the USA, Europe, Arab states, the Middle East, the Caucasus, and East and Central Asia.
Requirements and next stage
All applications were checked against set criteria:
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sufficient financial capacity;
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absence of legal obstacles;
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compliance with anti–money laundering and counter–terrorist financing laws;
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not being on EU, US, or international financial institution sanctions lists;
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not having state–owned company status.
Applicants meeting these requirements will proceed to the next tender stage — submission of non–binding offers. After signing a non–disclosure agreement, they will gain access to the information memorandum and other data about the asset.
Non–binding offers will be accepted by consultants until October 15, 2025, 23:59 (Tashkent time).
About Mobiuz
Mobiuz is the fourth–largest mobile operator in Uzbekistan. According to Fitch Solutions, at the end of 2024 there were 35.6 million mobile subscribers in the country, with 20.9% belonging to Mobiuz.
In 2024, the company reported USD 164 million in net profit and an EBITDA of USD 41 million.
Investors and expected amount
The company’s privatization was announced in June 2025. In the initial stage, investors from Qatar, Saudi Arabia, Azerbaijan, and Europe expressed interest.
According to Bloomberg, the government aimed to raise USD 300 million from the sale of Mobiuz. Davaktiv did not comment directly but published key points from the article on its channel.
Unanswered questions
Kun.uz sent several questions to the State Assets Management Agency but has not received a reply for nearly a month:
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What was the purpose of publishing Bloomberg’s key points?
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Is the target valuation for Mobiuz exactly USD 300 million or higher?
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Are there additional strategic conditions for buyers (investment in modernization, service quality, job retention)?
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What is Rothschild & Co’s exact role in the privatization?
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How are the 2013 MTS–related confiscation and nationalization events explained to foreign investors?
