UZBEKISTAN · M&A
Asset Acquisitions in Uzbekistan
Bond Stone advises on asset acquisitions in Uzbekistan — purchase of real property, business assets, equipment, and regulatory licences from private companies and state-owned enterprises, including asset purchase agreement drafting, title transfer, licence approvals, and regulatory compliance.
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 Investments and Investment Activity" No. ZRU-598 dated 25 December 2019. Authority: lex.uz
Uzbekistan — Market Context 2025
USD 43B
Investment in 2025 (FDI USD 38.2B)
6,649
Enterprises with Chinese capital, 1 October 2026
7.7%
GDP growth 2025
22,000+
Foreign-invested enterprises, 1 October 2026
Key Considerations
Asset deal vs share deal in Uzbekistan
Asset acquisitions in Uzbekistan are used where the buyer does not wish to assume the seller's historical liabilities, the transaction involves a discrete asset rather than a going concern, or the seller is a state entity disposing of specific assets through the privatisation programme. Each asset class has its own transfer procedure under Uzbek civil law.
Real property acquisition
A contract for the sale of real property must be a single written document signed by both parties; failure to observe this form makes it invalid (Civil Code, Art. 480). A notary is required only for the sale of a residential house or apartment, or part of one, which must be notarised and registered (Civil Code, Art. 488). A sale of non-residential property, such as offices, warehouses or production buildings, needs no notary unless the parties choose one. The transfer of ownership of real property is subject to state registration (Civil Code, Art. 84). Bond Stone conducts title searches, verifies the absence of encumbrances and mortgages, and manages signing and registration. Foreign legal entities and individuals, and enterprises with foreign investment, cannot own land in Uzbekistan: they hold land only on lease (Land Code, Art. 17(3)). See Real estate and land in Uzbekistan.
SOE asset acquisitions — privatisation context
Many asset acquisitions in Uzbekistan arise from the privatisation programme — where the state sells specific assets of a state-owned enterprise rather than the entity as a whole. Key issues are post-privatisation obligations, environmental liabilities from Soviet-era operations, and licence transfer.
Manufacturing equipment and industrial assets
Acquisition of manufacturing equipment and industrial assets — encumbrance search, purchase agreement, customs implications for asset import/export, and transfer of operating licences and permits attached to the assets. Bond Stone advises on structuring equipment acquisitions to comply with Uzbek customs and tax requirements.
Experience
Bond Stone has advised on M&A transactions in Uzbekistan. Client confidentiality is maintained across all matters.
Asset Acquisition · Uzbekistan · Manufacturing
Industrial Plant — SOE Asset Sale
Advising a foreign investor on acquisition of an Uzbek state-owned industrial plant — due diligence on assets and licences, post-privatisation obligations, environmental liability assessment, and asset purchase agreement.
Asset Acquisition · Uzbekistan · Real Estate
Commercial Real Estate — Tashkent
Acquisition of commercial real estate in Tashkent — title review, land use right analysis for foreign acquirer, encumbrance search, notarisation, and state registration of ownership transfer.
Asset Acquisition · Uzbekistan · China · Manufacturing
Manufacturing Equipment — Chinese Buyer
Acquisition of manufacturing equipment from an Uzbek company for a Chinese buyer — encumbrance search, purchase agreement, customs analysis for potential cross-border movement, and transfer documentation.
Asset Acquisition · Uzbekistan · Pharmaceuticals
Licence Transfer — Pharmaceutical
Transfer of pharmaceutical manufacturing and distribution licences from a privatised Uzbek SOE to a foreign acquirer — regulatory approval from the Uzbek Ministry of Health, licence amendment, and compliance advisory.
Asset Acquisition · Uzbekistan · Real Estate
Real Property — Long-term Lease Structure
Structuring a foreign investor's acquisition of Uzbek real property — advising on the long-term lease structure required for foreign legal entities, lease terms, and land use right protections.
Asset Acquisition · Uzbekistan · Distressed
Distressed Asset — Enforcement Sale
Advising a buyer on acquiring Uzbek business assets through an enforcement sale — assessing vulnerability to challenge by the seller's creditors, acquisition structure, and post-acquisition title security.
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, on top of the guarantees all investors have
- 29 SOEs targeted for public sale of stakes, 2025–2026
- Bilateral investment treaties — treaty arbitration access and expropriation protection for qualifying investors
Why Bond Stone
- Tashkent office — direct engagement with Uzbek authorities
- Chinese investor expertise — active ODI mandate pipeline
- Ranked Legal 500 EMEA and IFLR1000 — Tashkent and Almaty offices
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. The Centre is not yet operating, and Bond Stone is monitoring the TIFC Acts ahead of activation.
Tashkent International Financial Centre — full guide →Primary authority: lex.uz
Discuss your Uzbekistan M&A matter
Contact Bond Stone for a confidential discussion about asset acquisitions in Uzbekistan.
[email protected]
+7 (701) 729 76 72 — Almaty
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