Uzbekistan is aiming to raise $300 million through the sale of its mobile operator Universal Mobile Systems LLC, better known as Mobiuz, according to a report by Bloomberg. The planned sale forms part of President Shavkat Mirziyoyev’s broader push to reduce state ownership and attract foreign investment into key sectors of the economy.
Sources familiar with the matter said the government would support a buyer who is willing to merge Mobiuz with other local telecom companies. Investors from Qatar, Saudi Arabia, Azerbaijan, and Europe have already expressed preliminary interest.
A formal tender for 100% of Mobiuz was launched in June, with interested parties required to submit letters of intent by August 1. Rothschild & Co. is acting as the primary financial advisor for the deal.
The State Assets Management Agency of Uzbekistan declined to comment on the sale.
Part of a Broader Privatization Drive
The Mobiuz sale is a key component of Uzbekistan’s ambitious privatization program, which aims to generate at least 10 trillion soums (approximately $786 million) in revenue this year. The government plans to divest stakes in 29 major companies across industries such as telecommunications and energy by the end of 2026.
As of the end of 2024, Uzbekistan had 35.6 million mobile subscribers. Mobiuz accounted for roughly 20.9% of the market, according to BMI, a division of Fitch Solutions. The operator’s main competitors include state-owned Uztelecom JSC, which had a brand valuation of $241 million last year, as well as Coscom LLC and Unitel LLC, the latter of which is owned by Dubai-based Veon Ltd.
In 2024, Mobiuz reported $164 million in revenue and an EBITDA of $41 million, according to figures from the State Assets Management Agency.
Strategic Investment Opportunity
Veon declined to confirm whether it plans to participate in the tender but said it “regularly reviews organic and inorganic growth opportunities” and considers Uzbekistan a key market in which it is “pursuing an ambitious growth strategy and expanding our digital portfolio.”
The Uzbek government hopes the sale will bring in fresh capital and modern expertise to support the development of the country’s rapidly expanding telecom sector. Officials also expect that increased competition will lead to improved services for consumers.
