REX set to take control of Yota with $100m deal
By Gao Yuan | China Daily | Updated: 2015-10-27 08:41
Acquisition to help Russian mobile firm expand in China
A Chinese investment firm has bought a majority stake in Yota Devices, the Moscow-based maker of the unique dual-screen smartphone given as an official gift by Russian President Vladimir Putin last year to President Xi Jinping.
Hong Kong-listed REX Global Entertainment Holdings Ltd paid $100 million for its controlling 64.9 percent stake in the business, which it bought from investment company Telconet Capital Ltd Partnership.
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