Uzum, an ecosystem of digital services in Uzbekistan and Click, a payments company, have reached an agreement regarding a prospective merger.
Upon closing of the transaction, which is now subject to deal closing procedures, Click’s shareholders will obtain a minority shareholding in Uzum’s parent company and will be represented on the board of directors. Click’s teams would retain operational autonomy whilst gradually integrating into the Uzum ecosystem. This transaction aims to further cement Uzum’s dominant position across all key verticals (i.e. Finance, Payments and Commerce) and create a combined user base of >13 million people in Uzbekistan.
“A combination of favourable factors, including positive demographics and growing penetration of smartphones / mobile internet, provides a strong runway for explosive growth of digital services in Uzbekistan,” said Djasur Djumaev, Uzum, CEO. “Our mission is to ensure that throughout Uzbekistan, people have access to a wide range of goods, convenient payment options, and fast, technology-driven access to financial services. There is no doubt that the combination of the two outstanding teams with unique operational know-how, top-notch customer experience and best-in-class talent pools represents a critical milestone towards reaching this goal. This transaction will create substantial value, through generation of unique synergies leading to an enhanced customer experience.”
“During negotiations with Uzum, we saw that our strategies and goals align. Therefore, we are thrilled about merging with the Uzum ecosystem and see great prospects. The combination of two major players with such a wide range of capabilities will allow us to leverage each other’s resources and tackle a new ambitious task – creating a product that has no equals in the country,” said Click CEO, Ulugbek Rustamov. “Click will, of course, continue working on its current plans, including a lending project, a range of initiatives integrating with government services, servicing the tourism sector, and much more.”
Source: IBS Intelligence