M&A \u00a0\u00b7\u00a0 KAZAKHSTAN<\/p>\n
Bond Stone advises foreign investors on participation in Kazakhstan’s privatisation programme \u2014 acquisition of state-owned enterprises through Samruk-Kazyna disposal processes, government tender procedures, due diligence on privatisation targets, post-privatisation investment obligations, and bilateral investment treaty protections.<\/p>\n
Primary authority: Law “On State Property” No. 413-IV dated 1 March 2011; Law “On National Welfare Fund” No. 550-IV dated 13 February 2012; Law “On Investments” No. 373-II dated 8 January 2003. Authority: adilet.zan.kz<\/a><\/p>\n Kazakhstan’s privatisation programme<\/p>\n Kazakhstan’s privatisation programme is primarily administered through Samruk-Kazyna \u2014 the sovereign wealth fund holding state stakes in Kazakhstan’s largest enterprises across energy, mining, telecoms, transport, and financial services. Samruk-Kazyna conducts competitive disposal processes for its portfolio companies \u2014 through public tenders, IPOs on the Kazakhstan Stock Exchange (KASE), and direct negotiated sales.<\/p>\n<\/div>\n Acquisition routes<\/p>\n Foreign investors can participate in Kazakhstani privatisation through: direct share acquisition via government tender or negotiated sale; participation in IPOs and SPOs on KASE; acquisition of assets from state-owned enterprises; and PPP arrangements for infrastructure assets. Bond Stone advises on the most appropriate route based on the target, investor profile, and investment objectives.<\/p>\n<\/div>\n Due diligence \u2014 privatisation-specific risks<\/p>\n Privatisation transactions require specific due diligence beyond standard corporate review \u2014 confirming the lawfulness of any prior privatisation steps, reviewing post-privatisation investment obligations that may bind the acquirer, assessing environmental liabilities from Soviet-era industrial operations, and identifying state or municipal claims against the target.<\/p>\n<\/div>\n Post-privatisation investment obligations<\/p>\n Purchasers in Kazakhstani privatisation transactions often assume investment obligations \u2014 minimum capital expenditure commitments, employment preservation requirements, and operational continuity conditions. Failure to meet post-privatisation obligations may result in rescission of the sale or financial penalties. Bond Stone reviews and negotiates post-privatisation obligations before transaction completion.<\/p>\n<\/div>\n BIT protection for privatisation investors<\/p>\n Foreign investors in Kazakhstani privatised enterprises are protected by Kazakhstan’s bilateral investment treaty network \u2014 50+ BITs with investor-state arbitration access. Bond Stone advises on maximising available BIT protections through appropriate investment structuring and on the interaction between Kazakhstani investment law guarantees and BIT protections.<\/p>\n<\/div>\n<\/div>\n Bond Stone has advised on M&A transactions in Kazakhstan since 2007. Client confidentiality is maintained across all matters.<\/p>\n Samruk-Kazyna Portfolio \u2014 Advisory<\/p>\n Privatisation \u00b7 Kazakhstan \u00b7 Energy<\/p>\n Advising a foreign energy investor on participation in a Samruk-Kazyna disposal process \u2014 eligibility assessment, due diligence on the target enterprise, tender documentation review, and bid structuring advice.<\/p>\n<\/div>\n SOE Acquisition \u2014 Manufacturing<\/p>\n Privatisation \u00b7 Kazakhstan \u00b7 Manufacturing<\/p>\n Advising a foreign investor on acquisition of a Kazakhstani state-owned manufacturing enterprise \u2014 privatisation due diligence, post-privatisation investment obligation analysis, SPA negotiation, and BIT protection structuring.<\/p>\n<\/div>\n KASE IPO \u2014 Foreign Institutional Investor<\/p>\n Privatisation \u00b7 Kazakhstan \u00b7 Capital Markets<\/p>\n Advising a foreign institutional investor on participation in a KASE IPO of a Kazakhstani state-owned enterprise \u2014 investment documentation, shareholder rights, and post-acquisition regulatory compliance.<\/p>\n<\/div>\n Post-privatisation Obligations \u2014 Compliance<\/p>\n Privatisation \u00b7 Kazakhstan \u00b7 Corporate<\/p>\n Advising an acquirer on compliance with post-privatisation investment obligations \u2014 capital expenditure monitoring, employment preservation reporting, and renegotiation of obligations with the relevant state authority.<\/p>\n<\/div>\n BIT Protection \u2014 Investment Structuring<\/p>\n Privatisation \u00b7 Kazakhstan \u00b7 Investment<\/p>\n Advising a Gulf investor on structuring a privatisation investment to maximise BIT protection \u2014 treaty selection analysis, investment vehicle structuring, and stabilisation clause negotiation.<\/p>\n<\/div>\n PPP \u2014 Infrastructure Asset<\/p>\n Privatisation \u00b7 Kazakhstan \u00b7 Infrastructure<\/p>\n Advising on a PPP arrangement for a Kazakhstani infrastructure asset \u2014 concession agreement structure, risk allocation, government guarantee provisions, and dispute resolution clause.<\/p>\n<\/div>\n<\/div>\n Why Bond Stone<\/p>\n \u2726 \u00a018+ years advising on M&A in Kazakhstan \u2014 active across mining, energy, real estate, and manufacturing<\/p>\n \u2726 \u00a0AIFC RLA status \u2014 AIFC holding and Kazakhstani operating layer on a single mandate<\/p>\n \u2726 \u00a0Ranked Legal 500 EMEA and IFLR1000 \u2014 Almaty and Astana offices<\/p>\n<\/div>\n Primary authority: adilet.zan.kz<\/a><\/p>\n Contact Bond Stone for a confidential discussion about Privatisation in Kazakhstan.<\/p>\n \ud83d\udce7 info@bondstonelaw.com<\/a> Request a Confidential Consultation<\/a> M&A \u00a0\u00b7\u00a0 KAZAKHSTAN Privatisation in Kazakhstan Bond Stone advises foreign investors on participation in Kazakhstan’s privatisation programme \u2014 acquisition of state-owned enterprises through Samruk-Kazyna disposal processes, government tender procedures, due diligence on privatisation targets, post-privatisation investment obligations, and bilateral investment treaty protections. Primary authority: Law “On State Property” No. 413-IV dated 1 March 2011; Law […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4703","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"ru","enabled_languages":["en","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/comments?post=4703"}],"version-history":[{"count":2,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4703\/revisions"}],"predecessor-version":[{"id":4705,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4703\/revisions\/4705"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nKey Considerations<\/h2>\n
\nExperience<\/h2>\n
\nDiscuss your Kazakhstan M&A transaction<\/h2>\n
\n\ud83d\udcde +7 (701) 729 76 72<\/a><\/p>\n
\n\u2190 Asset Acquisitions<\/a>
\nCompetition & Merger Filings \u2192<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"