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Alibaba Teams Up With Russian Tech Giant Mail.Ru for Acquiring 10pc Stake

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LAHORE MIRROR (Monitoring Desk)– Chinese e-commerce giant Alibaba Group Holding Ltd has agreed to take a 10% stake in one of Russia’s biggest tech players—a commercial tie-up that comes as both countries move to strengthen geopolitical bonds.

Deal represents unusually high-profile strategic partnership between Chinese and Russian tech giants.

The Chinese e-commerce company will take a 10% stake in one of Russia’s biggest tech players, part of a broader deal creating what Alibaba and its new Russian partners say will be the biggest online-shopping platform in the country.

The stake in Mail.Ru Group Ltd, one of Russia’s earliest and most prominent internet firms, would be worth around $484 million, based on Mail.Ru’s market valuation Monday.

SOURCE: THE WALL STREET JOURNAL