European law firm Fieldfisher has successfully advised "Samruk-Kazyna" JSC, a US$ 81 billion Sovereign Wealth Fund of Kazakhstan, on the sale of shares in the airline Qazaq Air JSC to a conglomerate of investors consisting of Sovico Group JSC and Kazasia Holdings Limited. This transaction will significantly boost Qazaq Air's market position and contribute to the growth of the aviation sector in Kazakhstan.
Samruk-Kazyna JSC, the sovereign wealth fund of the Republic of Kazakhstan, has signed a sale and purchase agreement package for Qazaq Air JSC. Founded in 2015, Qazaq Air JSC is a regional airline specialising in domestic flights in Kazakhstan. By the end of 2024, Qazaq Air JSC successfully transported over 600,000 passengers, generating approximately US$ 39 million in annual revenue and achieving an EBITDA (earnings before interest, taxes, depreciation, and amortization) of over US$ 3.7 million.
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Subscribe nowThe transaction documentation was signed on 24 December 2024 between Samruk-Kazyna JSC and key investors in the aviation industry: Central Asia Aviation Holdings Limited, a subsidiary of Sovico Group JSC, and private company Kazasia Holdings Limited. Once all agreed condition precedents are met, the ownership of the shares will be transferred to the investors and the transaction will be closed.
Sovico Group JSC is one of the largest investment conglomerates in Vietnam, with expertise in aviation, banking, finance services, real estates, innovation, and renewable energy. Sovico is a co-founder of VietJet, a prominent and successful new age airline in Southeast Asia. VietJet’s proven track record underscores Sovico's ability to grow airlines, expand fleets, and enhance route networks.
The Fieldfisher M&A team advised Samruk-Kazyna JSC through all stages of the sale of shares of Qazaq Air JSC to the conglomerate of investors. The team were led by Corporate Partner Nodir Sidikov and Director Tamara Vasiljeva and assisted by Solicitors Alisher Satimov and Julia Safitova.
Nodir Sidikov said: As a market leading team to have worked on significant and complex deals in the region, we are very pleased to have been involved in this transformational transaction. This is expected to significantly enhance Qazaq Air’s asset value and market position, solidifying its status as a leading airline in Central Asia. The deal will also strengthen Kazakhstan's civil aviation sector by increasing competition, expanding international flight routes to and from Kazakhstan and creating new job positions. Related sectors will also be positively impacted with a surge in tourism, trade and logistics.
The Fieldfisher team also recently advised Samruk-Kazyna JSC, a major shareholder of Air Astana, on its simultaneous initial public offering of shares and global depositary receipts (GDRs) on three stock exchanges: London Stock Exchange (LSE), the Kazakhstan Stock Exchange (KASE), and Astana International Exchange (AIX). Fieldfisher's CIS (Commonwealth of Independent States) Group is the largest dedicated CIS team in the City specialising in Corporate, Dispute Resolution, Banking, Private Client and Property matters.