July 24, 2018 / 7:48 AM / in a month

Rostec completes sale of YotaDevices stake to Chinese consortium

MOSCOW (Reuters) - Russian state conglomerate Rostec said on Tuesday it had completed the sale of a 25.1 percent stake in Russian smartphone manufacturer YotaDevices to a consortium of companies led by Chinese investment group Trinity World Management.

Rostec said it would receive cash and liquid securities worth more than 3 billion rubles ($47.6 million) as part of the deal, which would give Trinity World Management and China Baoli a 50 percent controlling stake in YotaDevices.

Reporting by Gleb Stolyarov; writing by Tom Balmforth; editing by Jason Neely

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