Russia's second largest mobile operator MegaFon will setup a JV with Gazprombank, Rostec and USM to develop digital services in the country.
The deal will see Megafon contributing a part of its stake of 5.23% in its subsidiary Mail.Ru Group in the new entity, MF Technologies (MFT). The Operator will then sell 55% of this new company to raise $247.5 million. MTS will sell a 35% stake in MFT to Gazprombank, a 9% stake to USM and an 11% stake to Rostec.
Jointly with its partners, MegaFon plans to implement a number of digital projects, including creating software products to digitalize the operations of major companies and enterprises, and developing blockchain-based solutions.
The most important project on which active work is already being conducted is the creation of a Financial Digital Platform on the basis of which the parties will develop hi-tech services, including payment, credit and other digital products. The partners will also create a fund, Digital JV, to invest in tech start-ups.