Chinese holding bought a controlling stake in Yota Devices for $ 100 million
Chinese investment holding REX Global Entertainment has acquired a controlling stake in the Russian manufacturer of dual-screen smartphones YotaPhone. Sergei Adonyev and Albert Avdolyan, co-owners of the Telconet Capital fund, sold their shares for $ 100 million. REX bought out 64.9% of the shares from them.
An official statement dated October 19, 2015 states that the Chinese holding acquired from Telconet Capital Limited Partnership, which is a third party, shares of Yota Devices . Other stakes of the company remain with the previous owners - Rostec state corporation (25.1%) and company management (10%), among which is Yota Devices CEO Vladislav Martynov.
After the deal, investors valued Yota Devices at about $ 154 million.
On October 8 and 9, the holding signed an agreement on the provision of options to holders of 25.1% and 10% of blocks of shares. According to its terms, the current shareholders of the company will have the right to completely sell their shares to the REX Global holding.
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Mr. Martynov told RBC that Yota Devices was looking for an investor for a year and a half. At the first stage, REX Global will invest $ 50 million in the Russian smartphone maker. These funds will go "to the release of the product line and YotaPhone 3," he said.
REX Global invests in real estate, entertainment, games and many other areas. The holding is traded on the Hong Kong Stock Exchange (ticker - 164). Revenues for the fiscal year 2015, which ended on March 31, amounted to 80.5 million Hong Kong dollars (about $ 10.3 million at the exchange rate for October 21). The company's capitalization amounted to 1.927 billion Hong Kong dollars (about $ 250 million) as of October 21.
As Martynov notes, REX Global has established contacts in the telecom market in China and in Asia in general, which is important for Yota Devices, since China is the most promising market for the company.
The Chinese holding company “has been looking for an opportunity to enter the smartphone market for a long time,” says Martynov. According to him, Yota Devices will be able to become a platform for building such a business in a holding.
An official statement dated October 19, 2015 states that the Chinese holding acquired from Telconet Capital Limited Partnership, which is a third party, shares of Yota Devices . Other stakes of the company remain with the previous owners - Rostec state corporation (25.1%) and company management (10%), among which is Yota Devices CEO Vladislav Martynov.
After the deal, investors valued Yota Devices at about $ 154 million.
On October 8 and 9, the holding signed an agreement on the provision of options to holders of 25.1% and 10% of blocks of shares. According to its terms, the current shareholders of the company will have the right to completely sell their shares to the REX Global holding.
')
Mr. Martynov told RBC that Yota Devices was looking for an investor for a year and a half. At the first stage, REX Global will invest $ 50 million in the Russian smartphone maker. These funds will go "to the release of the product line and YotaPhone 3," he said.
REX Global invests in real estate, entertainment, games and many other areas. The holding is traded on the Hong Kong Stock Exchange (ticker - 164). Revenues for the fiscal year 2015, which ended on March 31, amounted to 80.5 million Hong Kong dollars (about $ 10.3 million at the exchange rate for October 21). The company's capitalization amounted to 1.927 billion Hong Kong dollars (about $ 250 million) as of October 21.
As Martynov notes, REX Global has established contacts in the telecom market in China and in Asia in general, which is important for Yota Devices, since China is the most promising market for the company.
The Chinese holding company “has been looking for an opportunity to enter the smartphone market for a long time,” says Martynov. According to him, Yota Devices will be able to become a platform for building such a business in a holding.
Source: https://habr.com/ru/post/295572/
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