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MegaFon Estimates its Share in AliExpress Russia at $1.6 Billion

August 30, 2021, 16:33 (UTC+3)|
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In its report for the second quarter of the year 2021, Russia’s second-largest telecom operator MegaFon estimated the value of its shares (24 billion shares, 24.3% of the capital) in AliExpress Russia at $1.6 billion (119.7 billion rubles). Thus, the fair value of AliExpress Russia in mid-2021 might amount to $6.7 billion (492.6 billion rubles), according to RBC newspaper.

AliExpress Russia was founded in 2019 as a joint venture based on the Russian assets of the Chinese retail company Alibaba. At the time, MegaFon indicated that the value of its stake in the joint venture was $490 million (35.9 billion rubles), with the entire AliExpress Russia's valuation at around $2 billion (147.7 billion rubles). Thus, the company might have shown a three-fold growth since 2019 based on the information from MegaFon's report, RBC reports.

In early August of this year, MegaFon sold its share in AliExpress Russia to the company's main shareholder, USM Group headed by Alisher Usmanov. Now the shareholders of AliExpress Russia are Alibaba (47.8%), USM (24.3%), Mail Group (15%), as well as Russian Direct Investment Fund (RDIF) together with venture partners from Middle East (12.8%).

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