The shareholders ‘ meeting of the Chinese investment holding company, REX Global has approved the purchase of 30% share of the Russian smartphone manufacturer YotaPhone, company Yota Devices — for $46.2 million, according to documents Rex Global.
Under the deal, Rex will receive exclusive Global rights to intellectual property and Yota Devices to sell the YotaPhone in China for 7 years. In addition, Rex assumes the obligation to repay the debt Yota Devices before Telconet: loan Yota Cyprus for funding the operating activity in the amount of $7 million to $15 million, and the loan Yota BVI in the amount of $27 million.
In October 2015 China investment holding REX Global Entertainment announced the purchase of 64,9% stake in Yota Devices from the Fund Telconet Capital, which is owned by businessman Sergei Adoniev and its partners. In February it became known that a deal worth $100 million has not approved the listing Committee Hong Kong exchange. In the end, Rex Global has continued negotiations for the purchase of 30% stake in Yota Devices for $46.2 million Shareholders Yota Devices also are the state Corporation “rostec” via Yota Holding (25,1%) and MTH Limited (10%).
In October of last year Yota Devices reported that investments will be focused on continued global expansion and the release of new smartphones. So, the head of the company Vladislav Martynov stated that the road map for five years, envisages the creation of a range of new devices and the development of the distribution network.
Yota Devices was established in 2011 by separating it from the ISP LLC “Scartel” (brand Yota). The company has invested about $50 million in the creation of international infrastructure and two generations of smartphones YotaPhone. The smartphone YotaPhone 2 are sold in 20 countries in Europe, China and Hong Kong.
Total sales Yota Devices by the end of 2015 amounted to 96 000 smartphones. Of these, about 20 000 – YotaPhone first generation and approximately 55 000 – YotaPhone the second generation. In addition, the Chinese partner of Yota Devices – Jiliean – produced and sold 21 000 smartphones in 2015.
Net loss of Yota Devices for the first 9 months of 2015 increased by 8.4% compared with the same period of 2014 and amounted to $30.7 million Revenue increased by 11% and amounted to $15.9 million