Kosta Legal advises UzCarlsberg on EBRD investment to support expansion

We are pleased to have advised UzCarlsberg LLC, Uzbekistan’s leading brewer, with a portfolio of internationally recognized beer brands, in connection with an equity investment of USD 15.4 million from the European Bank for Reconstruction and Development. The Kosta Legal M&A team was led by partner Maxim Dogonkin, with support from associates Diyorbek Nishonov and Alina Mametkulova.

The investment – one of the few equity-backed IFI investments in Uzbekistan’s private sector – will support the construction of a new brewing complex, installation of modern production and bottling lines, and expansion of storage facilities. The project forms part of UzCarlsberg’s ongoing strategy to scale up production while improving water and energy efficiency.

Working alongside international counsel, Kosta Legal advised UzCarlsberg on the Uzbek law aspects of the transaction. Our mandate included refining the term sheet, advising on the investment documentation (including the Investment Agreement and Shareholders’ Agreement), advising on required regulatory approvals, and supporting the corporate implementation of the transaction, including amendments to the company’s charter.

This transaction reflects UzCarlsberg’s continued growth and its commitment to sustainable production in Uzbekistan.

We are proud to support UzCarlsberg on this important milestone.