Hong Kong’s REX buys 30% stake in Russia’s Yota

YotaPhoneThe Hong Kong-based REX Global Entertainment Holdings has purchased a 30% stake in Russia’s Yota Devices, best known for its dual screen YotaPhone and mobile broadband services, for $46.5 m. Under the company’s new ownership structure the privately owned Rusian investment fund Teleconet Capital, the state-owned Rostec and Yota’s management team will own 34.9%, 25.1% and 10% of the remaining shares respectively. The REX subsidiary China Baoli Innovation Technologies will now have the rights to sell the YotaPhone and other Yota products in China, Hong Kong, Macau and Taiwan.

Source: rbth