A Chinese firm named REX Global recently purchased a controlling 64.9 percent stake in Yota Devices, the Russian company behind the YotaPhone e-Ink smartphone family.
Speaking with Engadget recently, Yota Devices CEO Vladislav Martynov explained that he decided to sell a bulk of his company in an effort to help deliver the brand’s smartphones to more consumers around the world. Despite lackluster sales of its first couple of e-Ink smartphones, Martynov told the news outlet that Yota Phone didn’t sell to REX Global because of a “financial crisis” and said that the company is profitable.
REX Global will invest $50 million in Yota, Engadget explained, and part of that will go into a new smartphone that’s being built by ZTE. The device will reportedly launch during the first half of next year and, if the REX Global investment goes as planned, it might actually be sold around the globe.