UZBEKISTAN · PRACTICE AREA
Mergers & Acquisitions in Uzbekistan
Bond Stone advises international investors, private equity funds, and corporates on mergers and acquisitions in Uzbekistan — share and asset acquisitions, participation in the privatisation programme, competition law filings, and structuring for Chinese and Gulf investors. Bond Stone's Tashkent office provides direct access to Uzbek regulatory authorities and courts.
Primary authority: Law of the Republic of Uzbekistan "On Limited Liability Companies" No. ZRU-1137 dated 21 April 2026 (in force 22 July 2026); Law "On Competition" No. ZRU-850 dated 3 July 2023; Law "On Investments and Investment Activity" No. ZRU-598 dated 25 December 2019. Authority: lex.uz
Uzbekistan — Market Context 2025
USD 43B
Investment in 2025
6,649
Enterprises with Chinese capital at 1 October 2026 — the largest group
29
SOEs being privatised 2025–2026
7.7%
GDP growth 2025
M&A Services in Uzbekistan
Share Acquisitions
Acquisition of participatory interests in Uzbek LLCs and shares in JSCs — SPA drafting, pre-emption right compliance, the mandatory offer to minority participants at 50% (Article 21 of Law No. ZRU-1137), EFI status maintenance, state registration, and regulatory approvals. Bond Stone advises on structuring share acquisitions so that the target keeps EFI status where that matters.
Asset Acquisitions
Acquisition of business assets, real property, equipment, and licences in Uzbekistan — asset purchase agreement drafting, title verification, licence transfer approvals, and regulatory compliance. Asset deals are particularly relevant for acquisitions from privatised SOEs where specific assets are being sold.
Privatisation Programme
29 SOEs being privatised in 2025–2026, IPOs and SPOs of 12 large state enterprises on the Tashkent Stock Exchange. Bond Stone advises foreign investors on eligibility, tender participation, due diligence on privatisation targets, post-privatisation investment obligations, and BIT protection.
Competition Law & Merger Filings
Preliminary consent of the Competition Committee where deal thresholds are met. Bond Stone advises on Uzbek merger control notification requirements — distinct from the Kazakhstani APDC framework — and manages filings through clearance.
Chinese Investment Structuring
China is the largest source country by number of foreign-invested enterprises — 6,649 at 1 October 2026. Bond Stone advises Chinese investors on acquiring Uzbek targets — ODI filing coordination (MOFCOM/NDRC), structuring for Chinese outbound investment requirements, EFI status, and coordination with Chinese law firms.
Legal Due Diligence
Pre-acquisition legal due diligence on Uzbek targets — corporate title, SEZ resident status, regulatory licences, privatisation history, material contracts, litigation, and employment. English-language reports for international acquirers. Bond Stone also prepares vendor due diligence reports for Uzbek sellers in competitive processes.
Detailed Guides
Experience
Bond Stone has advised on M&A transactions in Uzbekistan for Chinese, Turkish, UAE, and European investors. Client confidentiality is maintained across all matters.
M&A · Uzbekistan · Manufacturing · China
Manufacturing JV Acquisition — Chinese Investor
Full M&A mandate for a Chinese investor acquiring a majority interest in an Uzbek manufacturing company — legal due diligence, EFI status analysis, SPA negotiation, ODI filing coordination, and state registration.
M&A · Uzbekistan · Privatisation
SOE Privatisation — Manufacturing
Advising a foreign investor on acquisition of an Uzbek SOE through the privatisation programme — due diligence, post-privatisation obligations, SPA negotiation, and BIT protection structuring.
Competition · Uzbekistan · UAE
Antimonopoly Filing — UAE Buyer
Antimonopoly Committee pre-transaction notification for a UAE acquirer of a majority stake in an Uzbek company — threshold analysis, notification package, and clearance management.
M&A · Uzbekistan · Real Estate
Real Estate Acquisition — Commercial Property
Acquisition of commercial real estate in Tashkent — title review, encumbrance search, purchase agreement, notarisation and state registration of ownership transfer.
M&A · Uzbekistan · Pharmaceuticals
Pharmaceutical Company Acquisition
Full M&A mandate for acquisition of an Uzbek pharmaceutical company — legal due diligence, regulatory licence review, SPA drafting, and post-closing state registration.
M&A · Uzbekistan · Energy · China
Chinese ODI — Uzbek Energy Asset
Advising a Chinese energy company on acquisition of an Uzbek energy asset — ODI filing coordination with MOFCOM/NDRC, EFI structuring, SPA negotiation, and Antimonopoly Committee notification.
M&A · Uzbekistan · SEZ
SEZ Resident Acquisition
Acquisition of a foreign-invested Uzbek LLC with SEZ resident status — due diligence on SEZ operating conditions, SPA provisions preserving SEZ status, and post-closing SEZ compliance advisory.
M&A · Uzbekistan · Turkey
Turkish Investor — Market Entry M&A
Advising a Turkish investor on acquiring an existing Uzbek distributor as a market entry strategy — share acquisition, EFI status maintenance, SPA negotiation, and competition law analysis.
M&A · Uzbekistan · Corporate
Vendor DD — Competitive Sale Process
Vendor due diligence report for an Uzbek seller in a competitive sale process — corporate title, asset ownership, regulatory compliance, and litigation review. English-language report disclosed to shortlisted buyers.
Investing in Uzbekistan
Uzbekistan — Investment Framework
- 100% foreign ownership permitted in most sectors — no mandatory local partner requirement
- EFI status — additional rights under Law No. ZRU-598
- 29 SOEs targeted for public sale of stakes, 2025–2026
- Bilateral investment treaties — treaty arbitration access for qualifying investors
Uzbekistan — International Financial Centre (Not Yet Operating)
Tashkent International Financial Centre (TIFC)
Once activated, the TIFC will enable M&A structures governed by TIFC Acts, backed by the common law of England and Wales, above Uzbek operating assets, mirroring the AIFC model in Kazakhstan. The Centre is not yet operating, and Bond Stone is monitoring the TIFC Acts ahead of activation.
Tashkent International Financial Centre — full guide →Why Bond Stone
- Tashkent office — direct engagement with Uzbek authorities and courts
- Chinese investor expertise — active ODI mandate pipeline with Beijing and Shanghai law firm referrals
- Ranked Legal 500 EMEA and IFLR1000 — Tashkent and Almaty offices
Primary authority: lex.uz
Discuss your Uzbekistan M&A transaction
Contact Bond Stone for a confidential discussion about M&A structuring, due diligence, or transaction execution in Uzbekistan.
info@bondstonelaw.com
+7 (701) 729 76 72 — Almaty
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