’s Joint venture With Ant Group, USM, Megafon and RDIF

Debevoise & Plimpton LLP advised Ant Group., a leading Internet and IT company in Russia, annouced the creation of a digital payments joint venture (PJV) and a financial services joint venture (FSJV) with Ant Group, USM, Megafon and the Russian Direct Investment Fund (RDIF).

The joint ventures will offer digital payment solutions and financial services designed to assist consumers conducting e-commerce transactions and promote financial inclusion in Russia.

The deals are expected to close in 2021 after satisfying a number of conditions, including third-party approvals. Upon completion, Russian shareholders will own majority stakes in both the PJV and FSJV.

The Debevoise team advising Ant Financial Services was led by Hong Kong partner Edwin Northover (Picture), assisted by associates Wen-Wei Lai and Tiffany Wu. The team also included international counsel Alison Lee and Evgeny Samoylov, and associates Robert Dura, Nikolay Kiselev and Anastasia Magid. Tax advice was provided by partner Richard Ward and associate Heather Atkins.

Involved fees earner: Heather Atkins – Debevoise & Plimpton; Robert Dura – Debevoise & Plimpton; Nikolay Kiselev – Debevoise & Plimpton; Wen-Wei Lai – Debevoise & Plimpton; Alison Lee – Debevoise & Plimpton; Anastasia Magid – Debevoise & Plimpton; Edwin Northover – Debevoise & Plimpton; Evgeny Samoylov – Debevoise & Plimpton; Richard Ward – Debevoise & Plimpton; Tiffany Wu – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Ant Financial Services Group ;

Martina Bellini

Author: Martina Bellini