MegaFon, Ant Group, Mail.ru Group, USM and RDIF to create financial and payment JV

MegaFon, Ant Group, Mail.ru Group, USM and RDIF to create financial and payment JV


MarketBusiness

Anna Savelieva | 02/12/2021

MegaFon, Ant Group, Mail.ru Group, USM and RDIF to create financial and payment JV

The companies signed binding documents for the creation of two joint ventures (JV) – payment and financial.

The plans to create a joint venture became known back in 2019, when the participants announced a partnership to expand access to financial services in Russia. As noted by the parties, the joint venture
will jointly provide digital payment solutions and financial services designed to help people save money on payments in the Russian e-commerce segment.

The largest shareholder in the payment JV will be Mail.ru Group, whose assets with a total value of 4.5 billion rubles: 100% in the RNCO Dengi.Mail.Ru and the VK Pay payment system (which
will remain the financial and payment instruments of the Mail.ru Group ecosystem). The company’s share will be 40%. The Group will contribute 870 million rubles to the financial JV in exchange for a 5.95% stake in it.

USM will contribute cash and assets to the financial JV, including 100% in ASK Renaissance, 100% in Round Bank and 100% in InPlat. Other shareholders, including Ant Group, RDIF and MegaFon, will contribute
cash, assets, or both, in a finance and payment JV.

According to the companies, the closing of the transactions is expected in 2021 after a number of conditions are met, including regulatory approval. After the completion of the transaction, more than 50% of the votes
in the enterprises will be owned by Russian participants.

MegaFon | MegaFonAlibabaMail.ru GroupUSM Holdings LimitedE-commerce (e-commerce)



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