Nokia sells its luxury arm Vertu to EQT, retains 10% share
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We knew that it was going to happen sooner or later, especially after that recent rumor popped up. Nokia is selling its luxury division Vertu to the EQT private equity group. Both companies have already agreed on the deal's specifics, and the acquisition is expected to close during the second half of 2012, after the regulatory institutions give it the green light.
For those of you not familiar with the brand, Vertu offers luxury phones built using Nokia technology and covered in premium materials, including gems and precious metals. In addition, customers are granted access to special services, such as the Vertu Concierge, who is at their disposal 24 hours a day, 7 days per week. Current Vertu models retail for up to 5-digit figures.
"With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT VI's investment strategy. EQT VI is excited about the opportunity to develop Vertu as a standalone company and plans to drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development," said Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.
Neither Nokia nor EQT have disclosed the exact amount, but the deal is estimated at around $250 million. In addition, Nokia will retain a 10% minority shareholding in Vertu.
source: Nokia
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5 Comments
2. snowgator posted on 14 Jun 2012, 07:41 1 1
Well, the Vertu I just bought on contract for $100,000 and a 10-year contract makes me look really, really dapper at the Biker bars....
By the way, tranquility, who is screaming into the mic on your Avatar? I have a guess, but I am probably wrong...
3. mercorp posted on 14 Jun 2012, 07:44 2 4
If samsung buys it,They will make.awesome galaxies out of it.
4. darktranquillity posted on 14 Jun 2012, 11:44 0 0
@snow
that is mikael stanne, vocalist of swedish melodic death metal band dark tranquillity.
Is your guess correct?:-P.
