Dentons advises EBRD on its equity investment in UzCarlsberg

Tashkent-Global law firm Dentons has acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with its equity investment in UzCarlsberg LLC, Uzbekistan's leading brewer.

The EBRD provided financing of up to US$15.4 million to UzCarlsberg to support the company's expansion programme. The proceeds of the investment will be used to build and put into operation a new brewing facility adjacent to UzCarlsberg's existing production site, as well as to acquire advanced brewing and bottling equipment and expand its warehouse capacity. The transaction represents the EBRD's third equity investment in Uzbekistan since 2020, reflecting the Bank's sustained commitment to supporting private sector development and sustainable growth in the country.

Dentons provided comprehensive Uzbek and English law advice to the EBRD across all phases of the transaction, covering structuring, due diligence, and the preparation and negotiation of transaction documents. Tashkent-based partners Eldor Mannopov and Fayzulla Khusankhodjaev and Prague-based partner Chris Watkinson led Dentons' cross-border legal team, with support from counsel Sanjar Narzullaev, senior associate Sitora Sobirova, and associate Saidrakhim Ibadullaev.

Eldor Mannopov, Uzbekistan Managing Partner at Dentons, commented: "We are delighted to have advised the EBRD on this important investment in Uzbekistan's food and beverage sector. This transaction demonstrates the growing attractiveness of Uzbekistan to leading international development finance institutions and reinforces Dentons' position at the forefront of complex cross-border transactions in the country. We remain fully committed to supporting our clients on high-profile deals that contribute meaningfully to the sustainable development of Uzbekistan's economy."

UzCarlsberg LLC is Uzbekistan's leading brewer and the country's only brewer manufacturing internationally branded products of the Carlsberg Group.

The EBRD is an international development bank that promotes the development of the private sector and entrepreneurial initiative across its countries of operation. The EBRD has invested almost US$6.9 billion in Uzbekistan to date across 208 projects, with the country having been the leading recipient of EBRD funding in Central Asia for each of the past six years.

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