CMS advises EBRD on the acquisition of a stake in Uzbekistan’s leading food retailer

International law firm CMS has advised the European Bank for Reconstruction and Development (EBRD) on the acquisition of a stake in Uzbekistan’s leading food retailer Korzinka. As a result of ERBD’s investment, Korzinka intends to triple its number of stores and double its staff headcount to approximately 10,000 by 2023.

ERBD’s US$40 million investment represents the bank’s first equity investment in Uzbekistan for more than a decade and the first since Uzbekistan opened itself up to foreign investment following a raft of reforms introduced by the government. ERBD is committed to promoting the development of the private sector in Uzbekistan and their investment is a sign of growing investor confidence in the industry and in the country. 

Korzinka branded stores are operated by FE Anglesey Food LLC, which is owned by Singapore-incorporated Anglesey Investments PTE. LTD. To support the acquisition, CMS mobilised a cross-jurisdictional team across Europe, the Former Soviet Union and Singapore. 

Graham Conlon, CMS Private Equity Partner responsible for CEE and the Former Soviet Union, comments: “We are excited to have advised EBRD on this landmark transaction, which represents yet another high-profile equity investment that we have advised on in the Former Soviet Union.”

The international CMS team was led by Graham Conlon and supported by Jakub Rykowski, Toby Grainger, Sam Ng and Eric Lai.