Mail.ru announces joint venture
Mail.ru announces joint venture with Alibaba Group, MegaFon & Russian Direct Investment Fund
Alibaba Group (NYSE: BABA), a global digital commerce company, PJSC “MegaFon” (MoEx: MFON), a pan-Russian operator of digital opportunities, Mail.ru Group (MAIL.LI), the leading internet and IT company in Russia, and Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, have received approval from the Federal Antimonopoly Service (FAS) in Russia for a joint venture to integrate Russia’s key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS, which will operate in compliance with local data protection regulations.
Linklaters advised Russian Direct Investment Fund, a major Russian sovereign wealth fund, in relation to creation of JV between RDIF, Alibaba Group, the world’s leading retail commerce company, MegaFon, a pan-Russian operator of digital opportunities, and Mail.ru Group, the leading internet/IT holding in Russia. Ivan Chuprunov (Corporate Managing Associate) led the transaction.
Linklaters commented: “The JV will operate in Russia and certain other jurisdictions across all e-commerce segments and will create one-stop platform for social, communications, gaming and shopping based on the existing e-commerce business of AliExpress Russia and Mail.ru Group’s social and digital businesses as well as accelerate the development of Russia’s growing digital economy.”