The deal comes as e-commerce is developing rapidly in
Russia though hindered by the country's vast size and problematic infrastructure, including an often unreliable postal service.
The two groups, along with the Russian sovereign wealth fund RDIF and telecom operator MegaFon, announced the creation of a "strategic partnership" as Russia hosts an economic forum in the far eastern city of Vladivostok.
Alibaba and Mail.ru said in a statement that the partnership will "launch a leading social commerce joint venture in Russia and the CIS (Commonwealth of Independent States)."
The new company will be called AliExpress Russia—based on the name of an existing Alibaba platform.
It will be 48 percent owned by Alibaba, 24 percent by MegaFon, 15 percent by Mail.ru and 13 percent by the RDIF, the statement said, without disclosing any valuations involved.
Russia's RBK media group reported that the RDIF would invest up to $300 million. The deal involves MegaFon selling Alibaba its 10 percent stake in Mail.ru.
Read more at: https://phys.org/news/2018-09-alibaba-russian-tech-firm-mailru.html#jCp
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