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18 May


MegaFon, Mail.ru Group, USM, RDIF and Ant Group to create JV in payments and finance

The joint venture will jointly provide digital payment solutions and financial services

Photo: vedomosti.ru

/NOVOSTIVL/ Megafon, Mail.ru Group, USM holding, the Russian Direct Investment Fund (RDIF) and Ant Group have signed binding documents to create two joint ventures in payments and finance, the companies said in a joint statement.

"The JV will jointly provide digital payment solutions and financial services designed to help people save money when paying for services and goods in the booming Russian e-commerce segment," the companies said.

In the joint venture in the field of payments Mail.ru Group will contribute assets with a total value of 4.5 billion rubles: 100% in the NSCO Dengi.Mail.Ru and the VK Pay payment system. The company will become the largest shareholder in the joint venture, with a 40% stake. In the JV in the field of finance, Mail.ru Group will contribute 870 million rubles in exchange for a stake in it - 5.95%, and USM - cash and assets, including 100% in ASK Renaissance, 100% in Bank Round and 100% in "InPlat".

“Other shareholders, including Ant Group, RDIF and MegaFon, will contribute cash, assets, or both, to the financial and payment JV,” the companies added in a joint statement.

The transactions are expected to close in 2021 after a number of conditions are met and third-party approvals. More than half of the votes in the enterprises after the completion of the transaction will belong to the Russian participants.