Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is seeking to raise approximately US$300 million through the privatization of the mobile operator Mobiuz, hoping to attract investors from the Middle East and Europe, Bloomberg reported, citing informed sources.

The sale concerns Universal Mobile Systems (Mobiuz), the country’s fourth-largest mobile operator with a 20.9% market share as of the end of 2024. According to sources, the potential deal may be concluded at a premium to market value, as the government is willing to support a merger of the operator with other market players.

Potential buyers from Qatar, Saudi Arabia, Azerbaijan, and several European countries have already expressed interest in acquiring Mobiuz. A representative of Uzbekistan’s Agency for State Asset Management declined to comment on the ongoing tender.

The sale is part of a large-scale privatization program launched by President Shavkat Mirziyoyev, aimed at raising at least US$786 million (10 trillion soums) in 2025 alone. By the end of 2026, shares in 29 major enterprises — including telecom and energy assets — are expected to be transferred to the private sector.

The tender for a 100% stake in Mobiuz was announced in June, with the deadline for submitting expressions of interest set for 1 August. The transaction is being advised by the international investment bank Rothschild & Co.

According to Fitch Solutions (BMI), Uzbekistan had 35.6 million mobile subscribers as of the end of 2024. Mobiuz competes primarily with Uztelecom, Coscom (Ucell), and Unitel (Beeline), the latter owned by Dubai-registered Veon Ltd.

In 2024, Mobiuz generated US$164 million in revenue and posted an EBITDA of US$41 million. While Veon has declined to comment on its participation in the privatization, it reiterated that Uzbekistan remains a “key market” with long-term growth prospects.

Mobiuz was established in 2014 as a joint venture between MTS and the Center for Radio Communication, Broadcasting and Television (CRRT). MTS exited the project in 2016, and since 2018, the company has been fully owned by the state fund “Digital Trust.” In December 2019, the UMS brand was rebranded to Mobiuz. The prospect of privatizing the company has been discussed since 2020, but only a presidential decree issued on 21 April 2025, set concrete deadlines for the sale.