Alibaba forms JV with Russian fund, Megafon and Mail.ru
VLADIVOSTOK, Russia, Sept 11 (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.
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)