Chinese ecommerce retailer Alibaba has agreed to take a 10% stake in one of Russia’s biggest tech players, to boost its development in Russia.
Alibaba will own 48% of AliExpress Russia
Alibaba will own 48% of AliExpress Russia as a result of the deal signed with Russian Direct Investment Fund (RDIF), mobile operator Megafon and internet group Mail.ru. The three Russian companies will have a combined 52% stake in the ecommerce platform after contributing cash, shares and other assets. Megafon will swap its 10% stake in Mail.ru for a 24% stake in AliExpress Russia. Mail.ru will contribute its Pandao ecommerce business and cash in exchange for a 15% stake in AliExpress Russia, and RDIF will acquire a 13% stake in AliExpress Russia.
Access to 100 million users in Russia
By partnering with Russia’s leading internet platforms, AliExpress Russia will leverage Mail.ru Group’s 100 million internet users across its social media, messaging, email and online games platform.
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