The international privatization process for the Uzbek government's full 100% stake in Universal Mobile Systems LLC — the operator behind the Mobiuz brand — has been completed, the Agency for State Assets Management announced.
The agency selected the bid submitted by a consortium of financial investors led by McKim and Company (formerly VentureRound), with participation from US-based industry technology partner JVR Enterprises LLC, operating as JVR Capital Group.
The winning bid values Mobiuz at $351 million and includes a commitment to invest up to $500 million in the development of telecommunications infrastructure.
The agency noted that the offered price corresponds to an EV/EBITDA multiple of 7.4x — a figure it described as reflecting the "high efficiency of the deal" and a competitive business valuation relative to comparable transactions, one that also significantly exceeds the estimate provided by the independent appraiser.
As previously reported, the sale of the full government stake in Mobiuz was conducted under approved privatization programs through an international open tender.
Rothschild & Co, the international investment bank, served as strategic advisor throughout the process, with Big Four firm KPMG acting as financial advisor and Deloitte as independent appraiser.
According to the Agency for State Asset Management, the sale process was actively marketed in international markets — including through the global office networks of the advisors and one-on-one meetings with more than 100 strategic and financial investors. Details of the transaction were also published in Bloomberg and the Financial Times, and the project was presented during international roadshows.
As a result, more than 15 investors from the United States, Japan, the Gulf states, Europe, and the South Caucasus participated in the process, with the majority being foreign investors. Ten participants submitted initial price offers.
Prospective investors were provided with financial and legal due diligence materials prepared by the advisors in accordance with international standards. Ultimately, six binding offers were received for the acquisition of Mobiuz.
The agency noted that the process was structured to attract the most competitive bids from the broadest possible range of investors. In the final stage, participants were given the opportunity to improve their binding offers.
Closing the deal will require regulatory approvals, as well as the completion of established corporate and legal procedures.
Universal Mobile Systems was founded in 2014 as a joint venture between Russia's MTS (50.01%) and the Center for Radio Communications, Broadcasting and Television (49.99%), built on the infrastructure previously belonging to Uzdunrobita — MTS's Uzbek subsidiary, whose license had been revoked in the summer of 2012.
In August 2016, MTS sold its stake in the company to CRCBT. From November 2018, the operator became fully owned by the state-backed Digital Economy Development Support Fund "Digital Trust." In December 2019, UMS rebranded and renamed itself Mobiuz.
Plans to prepare Mobiuz for privatization were reported as early as 2020. A year later, privatization was being targeted for completion by April 2023. The directive to sell the state's stake in the company was reaffirmed in a presidential decree dated April 21, 2025.
Bloomberg had reported that Uzbekistan was aiming to raise $300 million from the sale of Mobiuz, the country's fourth-largest mobile operator.
About Buyers
The Agency for State Asset Management's announcement does not disclose detailed information about the consortium's composition, its members, or its ultimate beneficial owners.
In publicly available sources, McKim and Company is described as a firm connected to investment banking activities.
JVR Capital Group describes itself as a diversified group operating across venture capital, healthcare, mining, telecommunications, tourism, international trade, and real estate — with a presence across more than 14 countries in North and South America, Africa, and Europe.
The JVR website also states that the group includes companies incorporated in the state of Wyoming, USA, as well as in South Africa, Costa Rica, Panama, and Jamaica. Under its telecommunications section, JVR references a telecom company in South Africa involved in RF tower construction and surveying, along with investments in 5G and connectivity in emerging markets.
