Fifteen percent ownership of Russian email, news and blog portal Mail.ru was purchased this summer for $300 million, according to new reports today from Russian journalists citing sources close to the deal. That puts the full value of the company at a whopping $2 billion, 30% more than Google paid for YouTube. The shares were bought by internet investment firm Digital Sky Technologies, which now controls 50.6% of Mail.ru.

Another 32% of Mail.ru is owned by South African conglomerate Naspers, the same company that we reported acquired African social media aggregator Afrigator earlier this month. Naspers says that Mail.ru generated $56 million in revenue last year, meaning presumably that it’s either growing revenues quickly and/or is now drastically over-valued. 40X annual revenue is the kind of valuation that people make fun of Silicon Valley for.

The moral of the story here is that there is huge internet activity all around the world and not just in Silicon Valley. Many of our international readers are fully aware of that but even we need occasional comments or multi-billion dollar valuations in order to remember.

Tags: citing sources, digital sky, email news, google, internet investment, investment firm, mail ru, portal mail, russian journalists