Hong Kong company buys 65% stake in Russian smartphone maker Yota Devices for $100 million

Robin Wauters

Robin Wauters

Co-founder and editor-in-chief of Tech.eu, with previous stints at The Next Web and TechCrunch under his belt. Deeply in love with his family, technology, traveling and Belgian beer.

It's exit day in Russia today. After Naspers buying a majority stake in Avito in a $1.2 billion deal, Hong Kong-based investment company REX Global Entertainment this morning announced that it has acquired a 64.9 percent share in Russian smartphone manufacturer Yota Devices for $100 million.

The maker of the two-screened YotaPhone was thus valued at $154 million. Launched in 2013, the YotaPhone marked the first entry into the global smartphone market for a Russian company.

The remaining shares will be owned by the Russian state corporation Rostec (25.1%) and Yota management (10%). For additional coverage, please see The Moscow Times, RT and EWDN.

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