RDIF, Mail.ru Group, USM, MegaFon and Ant Group to form joint ventures in payments and financial services.

The Russian Direct Investment Fund, Mail.ru Group, USM, MegaFon and Ant Group agreed to form joint ventures in payments and financial services. Financial terms were not disclosed. The deals are expected to close in 2021 after satisfying a number of conditions including third party approvals. Upon completion, Russian shareholders will own the majority stakes in both the PJV and FSJV.