Debevoise & Plimpton LLP has advised Ant Group in its binding agreements with Mail.ru Group, USM, Russian Direct Investment Fund (RDIF) and MegaFon to create a payments joint venture (PJV) and a financial services joint venture (FSJV).

The announcement follows the signing of non-binding term sheets in 2019, when the parties announced a partnership to 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 the majority stakes in both the PJV and FSJV.

The Debevoise team advising Ant Financial Services was led by Hong Kong partner Edwin Northover, 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.