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Tuesday / April 23.

Alibaba forms joint venture with Russian fund, Megafon and Mail.ru

VLADIVOSTOK, Russia (Reuters) – China’s largest e-commerce firm, Alibaba Group Holding Ltd, has set up a joint venture with the Russian Direct Investment Fund, mobile operator Megafon and internet group Mail.ru, the companies said on Tuesday.

The logo of Alibaba Group is seen inside DingTalk office, an offshoot of Alibaba Group Holding Ltd, in Hangzhou, Zhejiang province, China July 20, 2018. PicREUTERS/Aly Song

Under the deal, signed during the Eastern Economic Forum,

Alibaba will contribute AliExpress Russia to the JV, while Megafon will swap a 10 percent stake in Mail.ru for a 24 percent stake in AliExpress Russia.

Mail.ru will contribute its Pandao e-commerce business and cash in exchange for a 15 percent stake in AliExpress Russia, and RDIF will acquire a 13 percent stake in AliExpress Russia.

Reporting by Polina Nikolskaya and Vladimir Soldatkin; writing by Maria Kiselyova and Jason Neely

via Reuters