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.
robin@tech.eu

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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