Uzbek Hospitality Group TEG Finalizes Merger to Expand in the U.S. Market

Uzbek Hospitality Group TEG Finalizes U.S. Merger

TEG SPV LLC, a prominent integrated hospitality, tourism, and events company based in Uzbekistan, has made headlines by successfully completing its merger with StageWise Strategies Corp. This merger marks a significant milestone, as it establishes TEG as the first publicly traded company from Uzbekistan in the United States. The merger, executed through a share exchange agreement, positions TEG as the operational centerpiece of the new combined entity, which will operate under the name TEG Overseas, Inc. The merged company’s shares will be available for trading on the OTC markets.

This merger allows TEG to tap into the rapidly growing Uzbek tourism market, leveraging strong trends influencing the region, such as increasing international visitor numbers and growing business travel. Notably, Uzbekistan welcomed approximately 11.7 million foreign tourists in 2025, reflecting a nearly 47% increase from the previous year. The United Nations World Tourism Organization (UNWTO) has recognized Uzbekistan as one of the fastest-growing markets for international tourist arrivals.

TEG’s portfolio includes high-profile hospitality assets like the Hilton Tashkent City and the Wyndham Bukhara, which contributed to a notable revenue increase in 2025, achieving $42.9 million, up 22%, with a net profit of $14.4 million, showcasing a remarkable growth of 215%. Anita Mendiratta, the Chairperson of TEG, emphasizes that with a proven portfolio and strong relationships with international hotel brands, TEG is well-positioned to elevate its business ambitions while enhancing Uzbekistan's competitiveness in the tourism sector.

The significance of this merger is underscored by Uzbekistan's ambitious national development agenda, which prioritizes tourism through infrastructure improvements and enhanced connectivity. TEG aims to capitalize on these developments by using its established expertise in tourism to launch various acquisition initiatives across the hospitality sector, particularly in Meetings, Incentives, Conferences and Exhibitions (MICE).

Additionally, as a subsidiary of the AKFA Group, TEG benefits from institutional backing, providing access to a broad ecosystem of industry knowledge, development capabilities, and strategic partnerships. Irodakhon Abduvakhitova, a non-independent director and investor at TEG, noted that the long-standing relationship with AKFA has played a crucial role in TEG’s growth, allowing it to access an extensive network and resources necessary for success.

Looking ahead, TEG plans to expand its presence in the U.S. capital markets to support future acquisitions and broaden its portfolio in hospitality and MICE. This strategy is designed to enhance TEG's capabilities in serving a diverse clientele of business and leisure travelers.

In conclusion, the merger represents a strategic move for TEG, positioning it to thrive in the evolving U.S. market while simultaneously promoting Uzbekistan as an attractive and viable destination for international business travel and tourism. As the company navigates this exciting phase of growth, it is poised to contribute significantly to the global hospitality landscape.

For more information on TEG and its initiatives, visit TEG Company.