TASHKENT, Uzbekistan, January 13. Paynet, one of Uzbekistan's largest payment operators, has successfully acquired 100 percent of the state-owned shares in Uzbekistan's National Interbank Processing Center (HUMO) for $65 million, Trend reports.
Uzbekistan's State Assets Management Agency invited six bidders to participate in the tender process by submitting binding offers. Deloitte, the international consultant for the privatization process, provided the bidders with comprehensive due diligence reports after they signed non-disclosure agreements. These reports covered financial, tax, legal, and environmental aspects of HUMO’s operations, and bidders also met with the company's management.
The agency provided participants with a term sheet outlining the principal conditions for the sale as per its announcement on September 30, 2024. By the deadline, three binding offers were submitted, with Paynet emerging as the highest bidder.
Paynet's $65 million offer not only exceeded the valuation determined by independent international appraiser KPMG but also fell within the indicative price range calculated by Deloitte. As part of the acquisition terms, Paynet has committed to implementing measures to ensure the stable and uninterrupted operation of HUMO’s payment system. The company will also safeguard the confidentiality of users’ personal and banking information.
Uzbekistan's State Commission for Privatization and Coordination of State Asset Privatization Processes has approved the privatization results.
Paynet has been a leading fintech operator in Uzbekistan for 18 years. Its payment system supports over 1,500 service providers, and its annual user base exceeds 20 million.