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Privatisation, M&A, JV and Investor Protection

As Uzbekistan accelerates its ambitious privatisation programme and opens key sectors to domestic and foreign capital, Solward acts as a trusted partner to multinational corporations, private equity funds, and sovereign wealth funds navigating this dynamic landscape. We act for strategic and financial investors, as well as buyers, sellers, and project sponsors from China, Europe, the Middle East, and the USA.

We combine international expertise in cross-border M&A and high-stakes privatisation tenders with deep local knowledge of Uzbekistan’s regulatory environment, including the latest requirements of the Competition Committee and the State Assets Management Agency (UzSAMA).

Our team guides clients through the complexities of acquiring state-owned enterprises via electronic auctions and competitive bidding, negotiating investment agreements directly with the government, and managing post-privatisation investment obligations. From complex joint venture structuring in regulated industries to day-to-day corporate governance, we protect our clients’ interests through rigorous due diligence and commercially sound deal execution.

Beyond transaction support, we focus on securing long-term value and legal certainty for our clients. This includes advising on exit mechanisms and investment safeguards under national legislation and bilateral treaties. We also assist businesses with corporate restructuring, redomiciliation, and compliance with evolving sanctions and regulatory regimes, ensuring their investments remain secure and efficient.

Our lawyers’ experience includes advising:

a German gypsum manufacturer on the sale of a stake in one of its assets

the European Bank for Reconstruction and Development (EBRD) on its equity investment in Anglesey Food (Korzinka), the leading supermarket chain in Uzbekistan

a client on the acquisition of a controlling stake in Stirol OJSC and Butyl Alcohols Plant OJSC, followed by reorganisation in the form of a merger with Sibur-Khimprom CJSC

Neusoft Corporation, a Chinese technology company on the regulatory framework for exporting cars equipped with built-in navigation software to Uzbekistan

the Russian Direct Investment Fund (RDIF) on the acquisition of 51% of shares in Halogen OJSC

Tencent Cloud International on the deployment of its Cloud Dedicated Zone (CDZ) solution in Kazakhstan and Uzbekistan

a Russian client on its exit from the Russian-Uzbek joint venture AngrenRezino-Technika

Turboden, a Mitsubishi Heavy Industries group company, in arbitration proceedings against Uzbekneftegaz, Uzbekistan’s state-owned oil and gas company

a confidential client during the preparation of a privatisation plan for Kamteks-Khimprom JSC, one of the oldest chemical industry enterprises in the Western Ural region

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The experience presented, as well as the awards and rankings, were earned by the Solward team, including during their tenure at Unicase Central Asia. As of 15 July 2025, the law firm Unicase Central Asia in Uzbekistan has been renamed Solward.

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