Alibaba Executive Chairman Jack Ma takes part in a meeting with foreign businessmen during Eastern Economic Forum in Vladivostok on September 11, 2018. / AFP / POOL / Kirill KUDRYAVTSEV
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Chinese e-commerce giant Alibaba and Russian technology group Mail.ru on Tuesday said they would launch a joint e-commerce venture in Russia and former Soviet countries.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.The deal involves MegaFon selling Alibaba its 10 percent stake in Mail.ru.The deal comes after Russia's largest consumer bank Sberbank and internet company Yandex announced an e-commerce tie-up in August, with the bank set to invest around $500 million in Yandex's internet marketplace platform Yandex.Market.
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