RDIF, MegaFon, Mail.Ru, Alibaba to set up social commerce JV - Consumer Goods & Retail - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

RDIF, MegaFon, Mail.Ru, Alibaba to set up social commerce JV

MOSCOW, Sep 11 (PRIME) -- The Russian Direct Investment Fund (RDIF), mobile operator MegaFon, Internet company Mail.Ru Group, and Chinese giant Alibaba Group have announced their strategic partnership, under which they will establish a joint venture in the social commerce sphere in Russia and the CIS, the fund and MegaFon said on Tuesday in statements.

УWithin the framework of the partnership, there will be created a joint venture on the basis, among others, of the current business of AliExpress in Russia. The parties will merge strategic assets and invest new capital, management, resources, and expertise into it,Ф the fund said.

Under the deal, Alibaba Group will make AliExpressТs business in Russia as a part of the new joint venture, which will comprise current local and cross-border operating assets of Alibaba Group in Russia, including online commerce platform AliExpress and local business-to-customer floor Tmall. Alibaba Group will later invest money and other resources in the joint venture to maintain its work.

The RDIF will become a strategic participant of AliExpress Russia by purchasing a 13% stake through investments and an acquisition of an additional interest in the joint venture from Alibaba Group.

MegaFon will sell its 10% in Mail.Ru Group to Alibaba Group in exchange for 24% in AliExpress Russia.

Mail.Ru Group will also hand over to the joint venture its e-commerce business Pandao, money, and distribution in a format of integration with its products. Mail.Ru Group will receive a 15% stake in AliExpress Russia.

Alibaba Group will have 48% in AliExpress Russia.

AliExpress Russia and Mail.Ru Group will also sign an agreement on strategic cooperation, which includes, among others, exchange in traffic and product initiatives.

The deal is expected to be closed in JanuaryЦMarch 2019.

The joint venture will work in all e-commerce segments, including cross-border and local marketplaces, as well as own direct sales.


11.09.2018 11:26
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 75.2492 +0.2021 16 feb
USD 66.7044 +0.1615 16 feb
Stock Market Indices
1D 1W 1M 1Y
rtsi 1177.50 +1.83 18:50 15 feb
micex 2490.16 +1.19 18:50 15 feb
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 159.04 +2.51 18:49 15 feb
lkoh 5426.00 +1.22 18:49 15 feb
rosn 403.50 +2.19 18:49 15 feb
sber 208.00 +1.75 18:49 15 feb
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 75.1800 -0.2300 14:59 15 feb
USDTD 66.5875 -0.3200 17:44 15 feb