Public Joint Stock Company Magnit entered into an agreement to acquire Marketplace Technologies LLC from AliExpress Russia JV, Sergei Yeremeyev, Linara Khusnullina and Kevin Khanda.

Public Joint Stock Company Magnit (MISX:MGNT) entered into an agreement to acquire Marketplace Technologies LLC from AliExpress Russia JV, Sergei Yeremeyev, Linara Khusnullina and Kevin Khanda on October 19, 2023. Magnit will acquire 56.27% stake from Aliexpress Russia, 33.83% from Sergei Yeremeyev and 7.8% and 2.1% from founders Linara Khusnullina and Kevin Khanda. The transaction is subject to approval by Russia's Federal Antimonopoly Service.

Magnit plans to finance the transaction with its own funds.