Nokia to offload luxury phone arm Vertu for $265 million to Permira

Nokia to offload luxury phone arm Vertu for $265 million to Permira
Nokia is hard at work restructuring and cutting costs, and any business graduate would tell you the process includes getting rid of everything that hemorrhages money, or is not part of a company's core strategy.

The luxury phone arm of Nokia, Vertu, is one such business, and rumors surfaced again that the Finns will be selling it to the venture capital firm Permira for the equivalent of $265 million, which is on the low end of the initial Vertu valuation we heard about in December

That is about a year worth of Vertu revenue, according to most estimates, coming from gold-plated phones with sapphire keys, and other luxury adornments. There is a booming market for such handsets in up and coming regions like Asia, so the buyer would probably do fine with Vertu, while Nokia would get a nice cash injection in these restructuring times.

source: FT

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5 Comments

1. grif_

Posts: 61; Member since: Apr 28, 2012

those phones are ugly anyway.

2. grif_

Posts: 61; Member since: Apr 28, 2012

just a thought, they could have used vertu to make meego or android devices.

3. bbblader

Posts: 590; Member since: Oct 24, 2011

finally a vertu luxury phone with design

4. Sangeet

Posts: 232; Member since: Apr 21, 2012

Launch a Gold version of the Nokia Lumia 900 and then see how many rich buyers they will get But the just launch the sick S40 platform, and that's why Vertu couldn't make that much impression in the minds of the people

5. mercorp

Posts: 1045; Member since: Jan 28, 2012

If samsung buys vertu....i hope i will see a galaxy vertu...

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