Foreign direct investment in Uzbekistan reached $7.2 billion in 2023, nearly double the previous year, creating robust opportunities for M&A activity. The country’s comprehensive economic reforms since 2017 have established a favorable regulatory environment, while ongoing privatization programs targeting 650 state-owned enterprises by 2026 provide significant deal flow. The IT sector specifically benefits from government initiatives like Digital Uzbekistan 2030 and IT Park expansion, with over 2,800 resident companies including 730+ foreign firms.
Leading local advisory firms for small-medium M&A
Alkes Research
Founded in 2021 but rapidly gaining recognition, Alkes Research has emerged as a dynamic boutique investment bank with strong ESG focus that aligns well with technology sector trends.
Awards and Recognition:
- “Best New Investment Bank Uzbekistan 2023” (Global Banking & Finance Review)
- “Green Deal of the Year Uzbekistan 2025”
- First Uzbekistan financial institution to join UN Global Compact
Services: Investment banking, M&A advisory, IPO/SPO, private placements, corporate governance consulting
Why Suitable for IT M&A: Their ESG focus, boutique approach, and “fully integrated investment arm” model positions them well for technology sector transactions requiring specialized attention.
Contact Information:
- Website: https://www.alkes.co/
- Address: Navoi Avenue 3, 76, Tashkent, 100011
- Email: info@alkes.co
- Key Personnel: Bekhruzbek Ochilov (Investment Banking Director), Odil Musaev (Managing Director)
- Geneva Office: 12 rue le Corbusier, 563, Geneva, 1208
Ansher Capital
Established in 1999 as Uzbekistan’s pioneering investment bank, Ansher Capital offers the most proven track record with over 10 international awards.
Proven Experience:
- Pioneered Uzbekistan’s first M&A transaction for major private bank sale
- Over 25 years of complex transaction experience
- Part of UK-based Ansher Investments LLP providing international connectivity
Awards: “Best Investment Bank in Uzbekistan and Central Asia” (Euromoney Awards 2004-2008, EMEA Finance Awards)
Why Suitable: Their extensive M&A experience and personalized approach to complex transactions makes them ideal for small-medium deals requiring sophisticated structuring.
Contact Information:
- Website: https://en.anshercap.com/
- Location: Tashkent
RB Asia (RB Partners Group)
Part of international investment banking group Globalscope International spanning 55 firms across 48 countries, with $2.5 billion in completed transactions.
Strengths:
- Middle-market focus with international network support
- Established since 2004 with proven cross-border capabilities
- Corporate finance and M&A advisory specialization
Contact Information:
- Website: https://www.rbasia.uz/
- Address: 100002, Tashkent, Almazar district, Sagban st, 7, Block 4
- Phone: +998 (71) 244-20-32
- Email: d.islamov@rbasia.uz
International firms with strong Uzbekistan presence
Big Four Consulting Firms – M&A Advisory Capabilities
PwC Uzbekistan – Market Pioneer
- Established: 1995 (first Big Four to enter market)
- Staff: 189 professionals in Tashkent
- Address: 88A, Mustaqillik Avenue, Mirzo-Ulugbek District, Tashkent 100000
- Phone: +998 78 120 6101
- M&A Services: Advisory services include M&A transactions and corporate finance
Deloitte Uzbekistan – Financial Advisory Strength
- Established: 1995, reopened 2002
- Staff: 30+ specialists with dedicated Financial Advisory Services Department
- Address: 75 Mustakillik Ave., INKONEL Business Centre, Tashkent 100000
- Phone: +998 78 120 4445/4446/4447
- Key Personnel: Jakhongir Mamadjanov (Director, Financial Advisory Services Department)
EY Uzbekistan – Strategy and Transactions
- Address: 75 Mustaqillik Prospect, Inconel Business Center, 3rd Floor, Tashkent 100000
- Phone: +998 78 140 6482
- Key Personnel: Ruslan Khoroshvili (Managing Partner, appointed July 2025)
- M&A Services: Strategy and Transactions service line provides dedicated M&A advisory
KPMG Uzbekistan
- Address: International Business Center, 11th floor, Block A, 107-B Amir Temur Street, Tashkent
- Phone: +998 78 147 7744
- Key Personnel: Nodirbek Vakhidov (Managing Partner), Andrey Tyo (Head of Business Development)
Premium International Law Firms
Kinstellar – Leading M&A Legal Expertise
- Established in Uzbekistan: March 2018
- Address: NEW LEVEL Business Centre, 23 Taras Shevchenko Street, 3rd Floor, Tashkent 100060
- Strengths: Strong corporate M&A practice, Chambers and Legal 500 ranked
- Key Personnel: Joel Benjamin (Managing Partner, 20+ years regional experience), Sherzod Yunusov (Partner)
- Notable Work: JP Morgan Securities bond offerings, Citigroup transactions
Dentons – Global Network
- Address: 58-a, Bobur Street, Tashkent 100022
- Phone: +998 78 150 3105/04
- Email: tashkent@dentons.com
- Advantage: Part of world’s largest law firm by lawyer count with extensive cross-border capabilities
Specialized support for IT sector M&A and Japanese companies
Japanese Company Investment Ecosystem
JETRO (Japan External Trade Organization)
- Role: Secretariat of Japanese Business Association in Uzbekistan
- Recent Activity: Signed MoU with Chamber of Commerce and Industry of Uzbekistan (January 2024)
- Services: Investment support, business matchmaking, regulatory guidance for Japanese companies
Major Japanese Trading Houses Active in Uzbekistan:
- Itochu Corporation: $636.4M uranium supply contract, energy infrastructure focus
- Marubeni Corporation: $510.1M uranium contract, commodity trading
- Sumitomo Corporation: Recently acquired 49% stake in renewable energy assets ($4.2B transaction)
- Sojitz Corporation: Targeting $1B investment in energy and infrastructure
Technology Sector Infrastructure
IT Park Uzbekistan – Primary Tech Ecosystem Hub
- Scale: Supporting 2,800+ companies including 730+ foreign firms
- International Offices: Silicon Valley, Japan, and MENA regions
- Services: Infrastructure, tax incentives, regulatory support, business matchmaking
IT Park Ventures
- Fund Size: $10 million venture capital fund
- Focus: Early-stage tech startups with global potential
- Recent Investments: $650,000 across AI/ML, GreenTech, EdTech, FinTech sectors
Market characteristics crucial for M&A planning
Regulatory Environment and Deal Thresholds
The Competition Promotion and Consumer Protection Committee oversees M&A transactions with clear notification thresholds:
- Commodity Markets: Transactions exceeding ~$5.4 million in aggregate value
- Review Process: 10 days initial review, up to 30 days extended review
- Foreign Investment: Generally welcomed with streamlined approval processes
Investment Incentives by Deal Size
- $300,000-$3 million: 3-year tax holiday
- $3-10 million: 5-year tax holiday
- $10 million+: 7-year tax holiday
- $15 million+ in Special Economic Zones: 10-year tax holiday
Key Sectoral Opportunities
Priority IT-Related Sectors:
- Software & IT services marked as “aspirational” growth sector
- Electronics classified as “ready-to-go” investment sector
- Digital infrastructure development receiving government support
Strategic recommendations for Japanese companies
Primary Advisory Team Structure
- Lead M&A Advisor: Alkes Research (boutique expertise, ESG focus) or Ansher Capital (proven track record)
- Legal Counsel: Kinstellar (dedicated Tashkent office, M&A specialization)
- Big Four Support: Deloitte Financial Advisory Services Department for due diligence and structuring
- Japanese Business Support: JETRO coordination for regulatory navigation and business matchmaking
Specialized Legal Framework Support
Centil Law Firm provides comprehensive Central Asian coverage with 45+ lawyers experienced in complex M&A transactions, offering valuable regional expertise for multi-country strategies.
Market Entry Strategy Considerations
The combination of ongoing privatization programs, robust foreign investment incentives, and established Japanese business presence creates an optimal environment for IT sector M&A. The regulatory framework strongly supports foreign investment, while specialized infrastructure like IT Park provides sector-specific advantages.
Conclusion
Uzbekistan’s M&A market offers compelling opportunities with professional advisory infrastructure, supportive regulations, and growing Japanese business presence. The identified firms provide comprehensive coverage from boutique expertise to Big Four capabilities, with established support networks specifically designed to facilitate Japanese company success in this rapidly growing market.
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