Lotus F1 sells shares to Yota Devices

Russian telecoms company Yota Devices has completed its acquisition of a 10% stake in the Lotus F1 team from its majority shareholder, the private equity firm Genii.

Yota manufactures the world's first always-on smartphone meaning that the screen does not black out when it is switched off. Instead it reverts to a low light level like that found in e-book readers. The device is named YotaPhone and the brand has become a partner of Lotus F1 as well as its owner taking a stake in the team.

It is the second acquisition in the team in the past 12 months as in May last year Genii's founder Gerard Lopez revealed to Pitpass that property magnate Andrew Ruhan "has purchased, if I am not mistaken, 2% of the equity to be on the board and feel involved."

The Yota acquisition was first reported in January and it was confirmed in Lotus F1 company documents which were filed on 25 February. They state that the allotment of shares took place on 23 January. The following day, a statement on the Lotus F1 website read that "YotaPhone shareholders will become important partners to Genii and YotaPhone a sponsor to the Lotus F1 team this year." More at Pitpass.com