Alibaba Group, MegaFon, Mail.ru Group and Russian Fund for Direct Investments (UPR) create a joint venture in social trade in Russia. The corresponding agreement was signed at the Eastern Economic Forum.

The joint venture will be called AliExpress Russia. The goal of this step is to integrate the "main consumer internet and e-commerce platforms" in Russia. The parties intend to finish the deal in the second half of 2019.

As a basis for the new joint venture, the AliExpress Russian business, which is included in Alibaba Group, will work.

In return, the holding will receive 48% of the enterprise. "MegaFon will get 24%, Mail.ru Group- 15% and URF - 13%.

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