Dentons advises Uzbek fintech Click on strategic partnership with Halyk Bank

Tashkent—Global law firm Dentons has advised Click JSC, a leading fintech company in Uzbekistan, on its landmark strategic partnership with Kazakhstan’s JSC Halyk Bank. Under the terms of the deal, Halyk is acquiring 49% of shares in Click, valued at US$176.4 million, while simultaneously selling 49% of shares in its Uzbek subsidiary, Tenge Bank JSCB, to Click’s shareholders for US$60.76 million. The completion of these transactions is subject to regulatory approvals in Kazakhstan and Uzbekistan.

This transaction represents one of the most prominent private sector M&A deals in Uzbekistan’s banking and fintech sectors. The innovative structure of the deal allows both entities to maintain their existing legal frameworks while fostering a close partnership.

Click is a fintech in Uzbekistan which offers seamless payment management and digital wallet services to more than 20 million users. In 2024, Click achieved revenue growth of 35.3% and net profit growth of 37.5%. Halyk is Central Asia’s largest financial group with assets exceeding US$37.5 billion and a robust digital ecosystem.

The partnership aims to enhance the digital ecosystem in Uzbekistan, leveraging Click’s fintech expertise and Halyk’s diversified business model. This strategic alliance will deliver enhanced solutions and services to corporate clients, small businesses, and retail customers, through a combination of scale, technological expertise, and innovation.

Dentons provided Uzbek and English law advice related to the preparation and negotiation of the transaction documents and bank due diligence. Tashkent-based partners Ulugbek Abdullaev and Fayzulla Khusankhodjaev and Frankfurt-based counsel Mikhail Panferov led the deal, supported by senior associate Mokhichekhra Abdullaeva, and associate Latofat Rakhmanova.

Ulugbek Abdullaev commented on the deal, “This collaboration underscores Dentons’ commitment to providing seamless cross-border legal expertise in strategic financial transactions, reinforcing our leading market position in Uzbekistan and across Central Asia.”