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Uzbekistan's TEG Merges with StageWise Strategies: A New Era in Hospitality

On October 15, 2026, TEG SPV LLC, a leading integrated hospitality and tourism company from Uzbekistan, announced a historic merger with StageWise Strategies Corp. This significant move establishes TEG as the first Uzbek company to operate in the United States, opening new avenues for growth in the booming tourism market of Uzbekistan.

A Strategic Merger

The merger was finalized under a share exchange agreement, making TEG the primary operating unit of the newly formed publicly traded entity, now known as TEG Overseas, Inc. The company is set to trade its shares on over-the-counter (OTC) markets, a crucial step in its global expansion strategy.

This milestone not only reflects the growing international appeal of Uzbekistan but also positions TEG to exploit key economic trends in the region. With rising international tourist arrivals, better connectivity, and a flourishing investment climate in Uzbekistan, the merger is poised to amplify TEG's business aspirations while enhancing Uzbekistan's identity and competitiveness in the global tourism sector.

Anita Mendiratta, Chairwoman of TEG's Board, emphasized the strategic significance of this move: "With a proven portfolio of high-quality assets and robust relationships with key international brands, TEG is well-positioned for its next phase of development. This entry into public markets comes at a pivotal moment for Uzbekistan's economy, enhancing its appeal as a premier tourist and business destination in Central Asia."

Seizing Growth Opportunities

In 2025, Uzbekistan welcomed approximately 11.7 million international tourists, reflecting a nearly 47% increase from the previous year. According to the UN World Tourism Organization, the country ranks among the fastest-growing tourist destinations globally. This upward trend is fueled by broader economic reforms and the Uzbekistan 2030 strategy, positioning tourism as a national priority with substantial investments in infrastructure and enhanced international connectivity.

Uzbekistan's hospitality sector has deep roots in the nation's culture, historically linked to its role as a crossroad of the Silk Road. The ongoing modernization efforts, alongside investments in critical mobility infrastructure, are turning Uzbekistan into an increasingly vital destination for year-round international tourism, business trips, and major events.

The AKFA Advantage

TEG is part of the AKFA Group, one of the largest private business conglomerates in Central Asia, employing around 38,000 staff members. Founded in Tashkent in 2001 by entrepreneur Jakhongir Artikkhodjaev, AKFA operates across several sectors, including consumer electronics, construction, healthcare, and tourism.

TEG benefits significantly from its connection with AKFA, gaining access to global networks, trusted industry relationships, and efficient procurement processes that enhance operational scale. This collaboration speeds up the execution of strategic initiatives, further bolstering TEG's growth trajectory.

Irodakhon Abduvakhitova, an independent director and investor in TEG stated, "Our long-standing relationship with the AKFA Group has been instrumental in TEG's development, providing us access to broader business ecosystem opportunities and relationships. Combined with TEG's proven expertise, these advantages enhance our ability to identify growth opportunities and scale our operations in Uzbekistan and beyond."

Future Plans and Market Positioning

As a publicly traded entity, TEG plans to leverage its access to US capital markets to fund future acquisitions and expand its hospitality asset portfolio, including MICE (Meetings, Incentives, Conferences, and Exhibitions) services. The company intends to pursue acquisitions that broaden its service offerings and cater to a wider range of business travelers and tourists.

TEG is set to stimulate further growth by leveraging its established owner-operator model, deep local market knowledge, and relationships with international hospitality brands to develop the broader AKFA ecosystem.

Advisors on the Merger

TEG's financial advisors include Kingswood ArcStone, a division of Kingswood Capital Partners, LLC, and Bluestone Investment Bank. Legal representation for TEG comes from Ellenoff Grossman Schole LLP and Dentons Uzbekistan. Meanwhile, StageWise is represented by Hunter Taubman Fischer Li LLC.

About TEG

TEG is a leading, multi-faceted company based in Uzbekistan, focusing on creating an integrated portfolio and ecosystem for hospitality, events, and tourism to meet the demands of a rapidly growing economy. TEG operates prominent properties, including the Hilton Tashkent City, Wyndham Bukhara, and the Central Asian Expocenter. As part of the AKFA Group, TEG benefits from institutional scale, deeper sector relationships, and enhanced developmental capabilities, positioning itself for continued growth in Uzbekistan's expanding hospitality and tourism markets.

For more information, visit TEG's website.