The State Privatization Commission approved the sale of a 75.2% government stake in Samarkand Automobile Plant (SamAuto) to the Turkish company Anadolu Isuzu, the press service of the State Assets Management Agency (SAMA) said.
The deal includes not only the $80 million acquisition fee but also an investment commitment of a similar amount.
The letter of intent was signed in June 2024 during the Uzbek President's visit to Turkey. The international firm KPMG served as the financial advisor during the negotiations, and Dentons as the legal advisor.
The remaining founders of SamAuto are the Japanese companies Itochu and Isuzu Motors (12.4% each), which have agreed to the sale of Uzbekistan's stake to Turkey.
According to the terms of the agreement, Anadolu Isuzu will invest $80 million in setting up of a production unit for large-capacity (12-18 m) buses and electric buses in Uzbekistan, creating a network of service centers, and developing exports to Central Asia, the South Caucasus, the Middle East, and Africa.
Anadolu Isuzu is part of the Anadolu Group, which acquired a 57.1% stake in Coca-Cola Ichimligi Uzbekistan in 2021 for $252.2 million and has since invested $250 million in the construction and modernization of its plants.
According to the SAMA, the price offer is consistent with the range determined by KPMG and is in line with the valuation of independent international appraiser PwC.
Completion of the transaction is subject to regulatory approvals in Turkey.
The Samarkand Automobile Plant, a manufacturer of buses and trucks, was founded in 1996 jointly with Turkey's Koç Holding on the premises of the AvtoVAZagregat plant. Initially known as Sam Koç Avto, the plant used to manufacture vehicles under the UzOtoyol brand. Today, the company manufactures produces trucks and buses based on Isuzu chassis, as well as Isuzu D-Max pickup trucks.
