Caucasus Investment Group
CIG Transactions
M&A, private capital, financing and strategic investment across Georgia, Armenia and Azerbaijan. Every entry links to its primary source.
50 transactions
| Source | |||||||
|---|---|---|---|---|---|---|---|
| Jul 2026 | Kapital Bank 1-year 10% manat bonds (first issue under AZN 100m programme)Placed on the Baku Stock Exchange with orders above AZN 146m from more than 330 investors (about 2.9x). Converted at the official CBAR rate of AZN 1.70 per USD. Announcement date per Trend; placement 5 Aug 2026. | Bond investors | Azerbaijan | Banking | DCM | $29m | Source |
| Jul 2026 | SOCAR 5.830% notes due 2035 and 6.570% notes due 2056Two USD 1bn senior unsecured tranches admitted to the Vienna MTF, issued 7 Jul 2026 (2056 ISIN XS3328488104). Managers not identified. Issue date 7 Jul 2026 per Cbonds. | Bond investors | Azerbaijan | Oil & gas | DCM | $2.00bn | Source |
| Apr 2026 | PASHA Bank OJSC (5% of share capital)932,926 shares at AZN 55 on the Baku Stock Exchange; orders of about AZN 66.3m (about 1.3x covered). Converted at the official CBAR rate of AZN 1.70 per USD. TBC Capital as financial adviser per Georgia Today. | Public investors (about 18,000) | Azerbaijan | Banking | ECM, 5% | $30m | Source |
| Feb 2026 | Southern Gas Corridor CJSC (minority equity stake)SGC holds Azerbaijani state interests in Shah Deniz, SCP, TANAP, TAP and Azerbaijan Gas Supply Company; SPA signed 2 Feb 2026 after non-binding terms in Nov 2025. Completion announced 15 Sep 2026. A 12.5% stake was reported by Trend and Interfax but not confirmed by the parties. | XRG (ADNOC) | Azerbaijan | Gas midstream / upstream | M&A | Undisclosed | Source |
| Jan 2026 | Government of GeorgiaPre-financed the 2021 Eurobond through a tender for about USD 394m of it; the Ministry of Finance reported a record USD 2.8bn order book (5.5x covered) from more than 100 investors. Completion date inferred from the 28 Jan 2031 maturity and tender settlement date. | Bond investors | Georgia | Sovereign | DCM | $500m | Source |
| Jul 2025 | JSC Liberty BankCreated Georgia's third-largest bank by assets, loans and deposits (over 10% market share, per Basisbank). Liberty is central to state pension and social payments, which has drawn scrutiny of Chinese-owned control. | JSC Basisbank (Hualing Group) | Georgia | Financial services | M&A, 95.99% | Undisclosed (press est. $250m) | Source |
| Jun 2025 | Firebird AI supercomputing hub (Armenia)Announced at VivaTech as a 'nearly USD 500 million' project with thousands of NVIDIA Blackwell GPUs at launch, designed to scale beyond 100 MW, targeting launch in 2026. Value is an announced investment envelope, not a closed financing. | Firebird; Team Group; NVIDIA (technology partner); Government of Armenia | Armenia | Technology - data centres / AI infrastructure | Infrastructure | $500m | Source |
| Jun 2025 | Shafag-Asiman offshore block PSA (30% interest)Post-deal: bp 35% (operator in exploration), SOCAR 35%, TPAO 30%. Expected to close by end-Q3 2025; completion not confirmed. | TPAO | Azerbaijan | Oil & gas upstream | M&A, 30% | Undisclosed | Source |
| Mar 2025 | Republic of Armenia 6.75% notes due 2035Priced 5 Mar 2025 at 97.524 for a 7.10% yield, 286bp over US Treasuries, listed in London; issuer rated BB-/BB-/Ba3. A pro-government MP said proceeds would partly buy back the 2031 notes, which the Finance Ministry release did not address. | Bond investors | Armenia | Sovereign | DCM | $750m | Source |
| Jan 2025 | Tamar gas field, Israel (10% effective interest via Union Energy and Tamar Petroleum)Azerbaijani acquirer abroad: 7% via 48.3% of Union Energy plus 3% via 17.9% of TASE-listed Tamar Petroleum. Price not officially disclosed (press estimate about USD 1.25bn); completion date is the Interfax/Globes report date. Structure (48.3% of Union Energy and 17.9% of Tamar Petroleum) per Globes and Interfax. | SOCAR | Azerbaijan | Oil & gas upstream | M&A, 10% | Undisclosed (press est. $1.25bn) | Source |
| Dec 2024 | ServiceTitan Inc. (NASDAQ: TTAN)Diaspora-linked rather than Armenian: US-incorporated, Glendale-based company founded by Armenian-Americans Ara Mahdessian and Vahe Kuzoyan, with an engineering office in Yerevan opened in 2018. Value is base-deal gross proceeds (8.8m x USD 71), before the over-allotment option. | Public investors (Nasdaq IPO) | Armenia | Technology - vertical SaaS | ECM | $625m | Source |
| Nov 2024 | SuperAnnotate AI Inc.Diaspora-linked: US-headquartered company with Armenian founders and an engineering base in Armenia. AI training-data platform co-founded by Armenian brothers Vahan and Tigran Petrosyan, headquartered in San Francisco with a team in Yerevan. Valuation not disclosed. | Socium (lead); NVIDIA; Databricks Ventures; Play Time Ventures; Glynn Capital; existing investors | Armenia | Technology - AI data infrastructure | VC | $36m | Source |
| Nov 2024 | Bilasuvar 445 MW and Neftchala 315 MW solar PV projectsSigned at COP29; total project cost reported at USD 670m (Trend), and Masdar says over USD 600m. The USD 480m debt figure comes from trade press, not Masdar; Neftchala's separate financial close was reported in Sep 2026. | Masdar and SOCAR Green (sponsors); lenders EBRD, ADB, AIIB | Azerbaijan | Renewable energy | Infrastructure | Undisclosed (press est. $480m) | Source |
| Apr 2024 | JSC TBC BankPriced 23 Apr 2024 alongside Bank of Georgia's USD 300m AT1, showing international demand for Georgian bank capital; completion is the expected settlement date. EBRD invested in the issue. | Bond investors | Georgia | Financial services | DCM | $300m | Source |
| Feb 2024 | Ameriabank CJSCPrice set at 0.65x Ameriabank's net asset value at 31 Oct 2023 and 2.6x 2023 P/E (FY2023 preliminary net income GEL 308.7m, c.USD 117.5m); EBRD retained 10% under put/call options. Approvals received by 29 Mar 2024 and closing announced 3 Apr 2024; Ameriabank consolidated from end-March 2024. Price for the 90% stake; the total for 100% was USD 303.6m, with EBRD keeping 10% (about USD 30.4m). | Bank of Georgia Group PLC (now Lion Finance Group PLC) and JSC Bank of Georgia | Armenia | Financial services - banking | M&A, 90% | $273m | Source |
| Feb 2024 | HSBC Bank Armenia CJSCHSBC exited Armenia after nearly 30 years; the unit had c.30,000 customers and over 300 staff. Cleared by the Competition Protection Commission and the Central Bank of Armenia; the bank was renamed Ardshininvestbank on 29 Nov (2024 inferred) - exact legal completion date not confirmed. Announcement date per Reuters, 6 Feb 2024. | Ardshinbank CJSC | Armenia | Financial services - banking | M&A, 100% | Undisclosed | Source |
| Jan 2024 | MTS Armenia CJSC (Viva-MTS) incl. MobiDram CJSCMTS announced the closing of the sale of Armenia's largest mobile operator after approvals from the competition commission and the Public Services Regulatory Commission. Price and multiples undisclosed; announcement date shown is the closing release. | Fedilco Group Ltd (Cyprus) | Armenia | Telecommunications | M&A, 100% | Undisclosed (press est. $209m) | Source |
| Dec 2023 | ACG PSA (7.27%) and BTC pipeline (8.71%)Equinor exited ACG and BTC for about USD 720m; ONGC Videsh exercised pre-emption, and an amended agreement was signed 19 Jul 2024. stake_pct refers to ACG. | SOCAR (6.655% ACG / 7.96% BTC); ONGC Videsh (0.615% ACG / 0.75% BTC) | Azerbaijan | Oil & gas upstream / pipelines | M&A, 7.27% | $720m | Source |
| Oct 2023 | Absheron-Khizi 240 MW wind farm (ACWA Power Azerbaijan Renewable Energy)First utility-scale wind IPP in Azerbaijan, with a 25-year PPA with Azerenerji. ACWA reports USD 238m aggregate financial close at COP29 (trade press cited USD 246m in 2023). | ACWA Power (sponsor); lenders EBRD, OPEC Fund | Azerbaijan | Renewable energy | Infrastructure, 100% | $238m | Source |
| Jun 2023 | Telecom Armenia OJSC (Team Telecom Armenia)One of the largest IPOs on the Armenia Securities Exchange, offering 40m shares for AMD 8.24bn (implied c.AMD 206 per share). USD figure is on 6 Nov 2023; stake sold not disclosed. Converted at the Central Bank of Armenia rate of AMD 387.22 per USD on 2 Jun 2023. | Public investors (AMX IPO) | Armenia | Telecommunications | ECM | $21m | Source |
| Aug 2022 | Garadagh 230 MW solar PV plant (Masdar Azerbaijan Energy LLC)Azerbaijan's first utility-scale foreign-invested solar IPP; value is the debt package, while the state renewables agency gives total investment of USD 262m. Inaugurated 26 Oct 2023. | Masdar (sponsor); lenders EBRD, ADB, JICA, ADFD | Azerbaijan | Renewable energy | Infrastructure, 100% | $114m | Source |
| Jun 2022 | VEON Georgia LLC (Beeline Georgia)Exit of the last foreign-owned mobile operator brand from Georgia's three-player market at a low multiple. VEON did not name the buyer; the identity comes from Communications Commission filings reported by the press. | VEON's former local partner | Georgia | Telecommunications | M&A, 100% | $45m | Source |
| Feb 2022 | JSC SilknetAbout USD 200m refinanced the 11% 2019 Eurobond, cutting Silknet's coupon by over 260bp. Announcement date is the company press release date; pricing was earlier, exact day unconfirmed. | Bond investors | Georgia | Telecommunications | DCM | $300m | Source |
| Dec 2021 | Georgia Global Utilities JSC (water utility business)Largest disposal by Georgia Capital and a rare exit to a Western European strategic buyer; USD 180m bought 65% of GGU, rising to an effective 80% of the water business once renewables were carved out. Valued the Tbilisi-area water utility at USD 225m. | FCC Aqualia | Georgia | Utilities | M&A, 65% | $180m | Source |
| Nov 2021 | Ayg-1 200 MW solar PV projectMasdar won the tender at a USD 0.0290/kWh tariff for Armenia's largest planned solar plant; the value is ARKA's April 2025 estimated project cost, not a company-disclosed figure. ANIF was liquidated in Aug 2024 and construction was slated to begin in early 2026. | Masdar (85%); Armenian National Interests Fund (15%) | Armenia | Energy - renewable | Infrastructure, 85% | Undisclosed (press est. $174m) | Source |
| Oct 2021 | Shah Deniz PSA (9.99% participating interest)Announced as 15.5% for USD 2.25bn; reduced to 9.99% for about USD 1.45bn after bp and SOCAR exercised pre-emption rights, taking LUKOIL from 10% to 19.99%. Announced 2021, not 2024 as in the brief; PETRONAS exited Shah Deniz. | LUKOIL | Azerbaijan | Oil & gas upstream | M&A, 9.99% | $1.45bn | Source |
| Aug 2021 | Picsart Inc.Diaspora-linked: US-headquartered company with Armenian founders and an engineering base in Armenia. Series C made Picsart the first Armenian-founded unicorn; the company is headquartered in San Francisco with its main engineering base in Armenia. Valuation disclosed only as 'more than USD 1 billion'. | SoftBank Vision Fund 2 (lead); G Squared; Tribe Capital; Sequoia; DCM; Graph Ventures; Siguler Guff | Armenia | Technology - consumer software | VC | $130m | Source |
| Jun 2021 | JSC Georgian RailwayRefinanced the 7.75% notes due 2022 and was the largest green bond from Georgia at the time; listed on the LSE Main Market and Sustainable Bond Market. Priced 10 Jun, settled 17 Jun 2021. | Bond investors | Georgia | Transport and logistics | DCM | $500m | Source |
| Oct 2020 | VEON Armenia CJSC (Beeline Armenia)VEON disclosed an implied 2.9x EV/EBITDA on 2019 reported EBITDA but not the price; the USD 51m figure is from news coverage. Team was founded by former Ucom executives Hayk and Aleksandr Yesayan; VEON had paid USD 376m for ArmenTel in 2006 (RFE/RL). | Team LLC | Armenia | Telecommunications | M&A, 100% | Undisclosed (press est. $51m) | Source |
| Jul 2020 | JSC Georgia Global UtilitiesInaugural green bond of GGU, Georgia Capital's water and renewable energy platform; proceeds refinanced existing loans and funded water capex. Priced 23 Jul 2020. | Bond investors | Georgia | Utilities | DCM | $250m | Source |
| May 2020 | Georgia Healthcare Group PLC (minority shares)Value in millions is the issuer's approximate value of the c.36m residual free-float shares, not a cash price. Took GHG private and ended the LSE listing of Georgia's 2015 healthcare IPO (delisting effective 5 Aug 2020). Converted at Bank of England rate of USD 1.2251 per GBP on 19 May 2020. | Georgia Capital PLC | Georgia | Healthcare | M&A, 29.37% | $38m | Source |
| Dec 2019 | Preludium B.V. (100% owner of VF Ukraine PrJSC / Vodafone Ukraine)Azerbaijani acquirer abroad; cash consideration USD 734m including about USD 84m of earn-out payments. | Telco Solutions and Investments LLC (Bakcell / NEQSOL Holding) | Azerbaijan | Telecommunications | M&A, 100% | $734m | Source |
| Nov 2019 | ACG PSA (9.57%) and BTC pipeline (8.9%)Chevron exited Azerbaijan; price covers both the 9.57% ACG interest and 8.9% BTC interest, effective date 1 Jan 2019. stake_pct refers to ACG. Announcement date per MOL signing release, 4 Nov 2019; completed 16 Apr 2020. | MOL Hungarian Oil and Gas | Azerbaijan | Oil & gas upstream / pipelines | M&A, 9.57% | $1.57bn | Source |
| Apr 2019 | LLC Inspired (Payme), UzbekistanGeorgian acquirer abroad; target is in Uzbekistan. Small in value but the entry point for TBC's Uzbek digital banking expansion; TBC later moved to 100% ownership of Payme (2023, per news). | JSC TBC Bank | Georgia | Financial services / fintech | M&A, 51% | $6m | Source |
| Mar 2019 | ArmPower CJSC (250 MW Yerevan combined-cycle gas plant)Armenia's first greenfield project-financed power plant, sponsored by Renco SpA (also EPC contractor), Siemens Project Ventures and SIMEST. Value is the IFC/MIGA-arranged package only and excludes the separately stated ADB loan and other parallel lenders; total project cost not disclosed. | IFC; IFC MCPP co-lenders; MIGA (guarantee); ADB; DEG; OPEC Fund (lenders) | Armenia | Energy - power generation | Infrastructure | $202m | Source |
| Feb 2019 | Adjarabet (Atlas LLC)Value in millions (initial cash consideration). One of the largest acquisitions of a Georgian private company by a FTSE-listed strategic buyer; the RNS describes the acquisition as taking place on announcement. Converted at Bank of England rate of USD 1.3093 per GBP on 1 Feb 2019. | Paddy Power Betfair plc (now Flutter Entertainment) | Georgia | Gaming | M&A, 51% | $132m | Source |
| Mar 2018 | Azertel (sole shareholder of Azercell) - 51.3%Implied 100% equity value EUR 432m and cash/debt-free EV EUR 197m, which Telia stated as 2.1x 2017 EV/EBITDA. Signed and completed the same day; EV and equity values in EUR m. Converted at ECB reference rate of USD 1.2307 per EUR on 5 Mar 2018. | Azintelecom (Azerbaijan International Telecom LLC, state-owned) | Azerbaijan | Telecommunications | M&A, 51.3% | $273m | Source |
| Jan 2018 | Geocell LLCCombined Georgia's largest fixed-line operator with the second-largest mobile operator and completed Telia's exit from the region. Completion date is the regulatory approval/closing date reported by Telia's counsel. | JSC Silknet | Georgia | Telecommunications | M&A, 100% | $153m | Source |
| Sep 2017 | Azeri-Chirag-Deepwater Gunashli (ACG) PSA - amended and restated to 2049PSA extended 25 years to 2049; SOCAR's equity rose from 11.65% to 25% and partners agreed a USD 3.6bn bonus to SOFAZ, with contractor profit share fixed at 25%. Value is the bonus, not an equity price; effective on parliamentary ratification (completion date not confirmed). | SOCAR (participating interest raised to 25%) | Azerbaijan | Oil & gas upstream | Strategic, 13.35% | $3.60bn | Source |
| Jul 2017 | Georgia Capital PLC (BGEO investment business)Split BGEO into Bank of Georgia Group PLC (admitted 21 May 2018) and Georgia Capital PLC (premium listing 29 May 2018), one-for-one; Georgia Capital received a 19.9% stake in Bank of Georgia Group. Created the only LSE-listed investment holding company focused on Georgia. | BGEO Group shareholders (demerger) | Georgia | Diversified / financial services | ECM | Undisclosed | Source |
| Jun 2017 | Unibank (Azerbaijan) - recapitalisationEBRD converted up to USD 9m of existing debt into ordinary voting shares, raising its stake to 22.0%, during Azerbaijan's post-devaluation bank recapitalisation. Value is the 'up to' amount. | EBRD | Azerbaijan | Banking | PE, 22.0% | $9m | Source |
| Nov 2016 | JSC ABC PharmaciaCash component only (USD millions); sellers also received 33% of the combined pharmacy business GEPHA, formed by merging ABC with GHG's GPC. Created Georgia's largest pharmacy retailer and wholesaler; 5.1x EV/EBITDA is issuer-stated. | Georgia Healthcare Group PLC | Georgia | Healthcare | M&A, 100% | $25m | Source |
| Sep 2016 | JSC Bank RepublicValue in millions (c.GEL 315m, EUR 121m per Societe Generale). Consolidated Georgia's banking market further around its two leading groups and marked the exit of a major Western European bank. Converted at NBG official rate of GEL 2.3117 per USD on 12 Sep 2016. | TBC Bank Group PLC | Georgia | Financial services | M&A, 93.64% | $136m | Source |
| Jan 2016 | Ameriabank CJSCThe EBRD's largest single-ticket equity deal in the region at the time, intended to prepare Ameriabank for a possible IPO; the bank had capital near USD 200m and assets above USD 1bn at end-2015. The EBRD later sold most of its stake to Bank of Georgia in 2024, keeping 10%. | European Bank for Reconstruction and Development | Armenia | Financial services - banking | Strategic, 20% | $30m | Source |
| Oct 2015 | TBC Bank Group PLCMove from a standard GDR listing to an LSE premium listing via a new UK holding company and share exchange; no new capital was raised (TBC reported GEL 15.0m of one-off listing costs in 1H16). Made TBC the third Georgian company with an LSE premium listing. Completed 10 Aug 2016 through a tender offer; announcement date per TBC press release of 15 Oct 2015. | Existing JSC TBC Bank shareholders (share exchange offer) | Georgia | Financial services | ECM | Undisclosed | Source |
| Oct 2015 | Georgia Healthcare Group PLCValue in millions; priced 9 Nov 2015 at 170p, below the initial range, raising c.GBP 66m (issuer-stated c.USD 100m). First LSE premium listing of a Georgian healthcare company and the first carve-out IPO from the BGEO group. Intention to float announced 12 Oct 2015; priced 9 Nov 2015. | IPO investors | Georgia | Healthcare | ECM | $100m | Source |
| Sep 2015 | Electric Networks of Armenia CJSC; Razdan TPP (Hrazdan Energy Company)Armenia's regulator approved the ENA share transfer on 1 Oct 2015 and the Hrazdan Energy sale on 12 Oct 2015; the deal closed in phases, with the final phase reported completed on 29 Dec 2016. ENA is Armenia's sole power distributor; price described only as 'fair value'. Stake, buyer entity and the inclusion of Hrazdan TPP per press reports; the regulator release confirms the date. | Tashir Group (via Liormand Holdings Ltd) | Armenia | Energy - power distribution and generation | M&A, 100% | Undisclosed | Source |
| Aug 2015 | Orange Armenia CJSCOrange signed the sale of its Armenian mobile unit (c.630,000 customers and 500 employees at end-2014) to fixed-line ISP Ucom, creating a converged operator; exclusive talks were announced on 22 Jul 2015. Price not disclosed. | Ucom LLC | Armenia | Telecommunications | M&A, 100% | Undisclosed | Source |
| Mar 2015 | SOCAR 6.95% senior unsecured notes due 203015-year USD notes issued at 100% (ISIN XS1196496688). Announcement date is the prospectus date. | Bond investors | Azerbaijan | Oil & gas | DCM | $750m | Source |
| Mar 2015 | Trans Anatolian Natural Gas Pipeline (TANAP) (12%)Shareholder agreement signed in Ankara; post-deal ownership SGC 58%, BOTAS 30%, bp 12%. Seller and completion date not confirmed in sources reviewed. | bp | Azerbaijan | Gas pipelines | Strategic, 12% | Undisclosed | Source |
Values in USD at the exchange rate on the announcement date unless stated. "Undisclosed" where the value is not public. Where a value is undisclosed, a published press estimate is shown in brackets when one exists; CIG does not make its own estimates. Every row shown has been checked against its primary source (company, regulator, exchange or development-bank announcement), with AI-assisted review; details that rest on press reports are noted.