Tashkent, Uzbekistan (UzDaily.com) -- Euro Pack acquired 51.48% of the state stake in the authorized capital of the Uzbekistan Champagne joint-stock company for 72.0 billion soums. The State Assets Agency of Uzbekistan announced this.

KPMG was involved as a consultant on the privatization of this asset.

During the privatization process, 5 applications were received from potential investors, of which 4 were invited to the next stage - submission of Binding Proposals.

Non-disclosure agreements (NDAs) were signed with the applicants, and they were given the opportunity to familiarize themselves with comprehensive analytical reports (due diligence) on the financial, tax, legal and environmental activities of the Enterprise, located in the virtual data room (VDR). There was also an opportunity to organize meetings with the management of the enterprise and study its activities.

The Euro Pack offered the highest price offer among all applicants - 72 billion soums. The company also undertakes to invest obligation for US$18.5 million in the development of the enterprise, including the reconstruction and modernization of production facilities, installation of equipment for the production of cognac spirit and oak barrels for their storage. It is also planned to create a restaurant and tasting room on the territory of the enterprise, organize a grape plantation in the Parkent region and create a wine tourism center.

The results of privatization were approved by the decision of the State Commission for the Privatization of State Assets and Coordination of Privatization Processes.