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18 May
Tuesday

Russia

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.


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