According to the information from the State Asset Management Agency, six contenders were invited to participate in the bidding process during the submission of binding offers (BO). To ensure transparency in the transaction, contenders who signed the Non-Disclosure Agreement (NDA) were granted access to comprehensive analytical reports on the Company’s activities. These reports were prepared by the international consulting firm "Deloitte," which acted as the privatization consultant.
Additionally, the contenders were provided with the main terms of sale (Term sheet), as announced by the State Asset Agency on September 30, 2024.
Following the analysis of the submitted proposals, the consultant selected the three most advantageous options, among which Paynet's offer was deemed the best.
The transaction price of $65 million aligns with the upper limit of the indicative price range calculated by the consultant and exceeds the estimated value determined by the international auditing firm KPMG.
Moreover, Paynet committed to ensuring the stable operation of the Humo payment system and provided guarantees for the security of users' personal and banking data.
The State Commission for Privatization and Coordination of the Privatization of State Assets approved the results of the Company's privatization, recognizing the deal as successful.
Payne JSC is one of the largest operators in Uzbekistan's financial technology (fintech) market, having been in operation for over 18 years. The Paynet system offers payment services for more than 1,500 goods and services providers, with an annual user base exceeding 20 million people.