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Uzbekistan reaches privatisation milestone in $252 million deal

Uzbekistan reaches privatisation milestone in $252 million deal
Photo: Coca-Cola Bottlers Uzbekistan

The State Assets Management Agency of the Republic of Uzbekistan (UzSAMA) announced Friday that is has reached an agreement to sell the state's 57.118% stake in Coca-Cola Bottlers Uzbekistan (CCBU) to a wholly-owned subsidiary of Coca-Cola İçecek, a joint-venture between Turkish beverage giant Anadalou Efes and Coca-Cola. 

The acquisition has received preliminary approval by the State Tender Commission. Completion of the transaction is subject to further regulatory approvals. The deal, valued at just over $252 million, marks the first major transaction as Uzbekistan pursues an ambitious privatisation plan.

The sale of the state's share in CCBU was organised as part of an open sale process initiated by an exectuive order issued by President Shavkat Mirziyoyev in October 2020. 

The international investment bank Rothschild & Co served as financial adviser to UzSAMA, while Dentons acting as legal advisor. 

CCBU is the largest carbonated soft drinks producer in Uzbekistan operating three production facilities in Tashkent, Namangan and Urgench and a network of warehouses. In the twelve months through December 2020, the company generated net profit of UZS 205 billion ($19 million).