Nokia sells its luxury arm Vertu to EQT, retains 10% share

Nokia sells its luxury arm Vertu to EQT, retains 10% share
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.



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

1. darktranquillity

Posts: 285; Member since: Feb 28, 2012

Whats the use with it?

2. snowgator

Posts: 3621; Member since: Jan 19, 2011

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

Posts: 1045; Member since: Jan 28, 2012

If samsung buys it,They will make.awesome galaxies out of it.

5. ChiX017

Posts: 308; Member since: Nov 09, 2011

k....

4. darktranquillity

Posts: 285; Member since: Feb 28, 2012

@snow that is mikael stanne, vocalist of swedish melodic death metal band dark tranquillity. Is your guess correct?:-P.

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