As part of the Tashkent International Investment Forum, a special seminar titled “Mastering M&A: From Strategy to Successful Close” was held in cooperation with leading global financial advisory firm Rothschild & Co and international law firm Kinstellar.

The seminar brought together international experts in finance and corporate law to discuss the key stages of structuring and executing mergers and acquisitions (M&A) transactions. Participants explored the entire M&A lifecycle, from strategic planning and asset valuation to financial and legal due diligence, transaction structuring and successful deal completion.

The discussion also focused on managing legal and financial risks associated with major corporate transactions in Uzbekistan, balancing the interests of stakeholders and enhancing the investment attractiveness of businesses. Experts shared practical recommendations and international best practices that can help both local companies and foreign investors execute M&A transactions safely and efficiently in line with global standards.

The seminar featured the following experts in international finance and corporate law:

• Oleg Pushkarev - Managing Director, Rothschild & Co
• Farkhad Babaev - Vice President, Rothschild & Co
• Hugh Owen - Partner, Kinstellar
• Sherzod Yunusov - Partner, Kinstellar

Participants also examined the practical aspects of M&A transactions and the role professional advisers play throughout the process. Speakers discussed current market trends, common strategic mistakes made during transactions and ways to avoid them.

Experts noted that as Uzbekistan’s market continues to mature, an increasing share of M&A transactions is expected to be carried out with the support of professional financial and legal advisers, as well as investment banks. Financial advisers play a critical role in creating a competitive transaction environment, reaching a broad pool of investors and maximizing asset value. They are also responsible for transaction structuring, valuation, process coordination and ensuring that transactions are completed within agreed timelines.

According to the speakers, working with a financial adviser gives shareholders access to additional strategic opportunities during negotiations and helps improve transaction outcomes.

“As the Uzbek market continues to develop and mature, an increasing number of M&A transactions will be executed with the support of professional advisers. As investment advisers, we play a decisive role in shaping the commercial aspects of transactions, promoting healthy competition in the market and maximizing asset value,” said Oleg Pushkarev.

The importance of involving legal advisers at an early stage of the process was also highlighted during the seminar. Experts noted that entrepreneurs often sign non-binding term sheets independently, potentially weakening their negotiating position. Even documents that are not legally binding frequently establish the framework for future negotiations and therefore should be reviewed by qualified legal counsel before being signed.

Speakers further emphasized that professional advisers contribute not only through legal due diligence and document preparation, but also by providing practical guidance on how transaction processes work in practice and how to effectively engage with government authorities and other stakeholders. Properly assessing factors that may not be explicitly reflected in legislation, but can significantly affect the execution of a transaction, is often crucial to achieving a smooth and successful closing.

The experts encouraged businesses to seek professional advice as early as possible. According to them, the higher the initial benchmark established for valuation and transaction terms, the more favorable the final outcome is likely to be for shareholders.

“If you are at the stage of negotiating preliminary terms, be sure to consult a qualified lawyer before signing any document. Even a non-binding term sheet can shape the foundation of future negotiations, and mistakes made at this stage may cause you to unknowingly lose significant strategic advantages,” said Hugh Owen, Partner at Kinstellar.