Nokia agrees to sell Vertu to European equity group EQT VI, will retain 10% share

By:   |   June 17th, 2012   |   Business, Mobile
Nokia - Vertu

Nokia, the Finnish Giant, announced that they have agreed to sell Vertu to European Equity Group EQT VI for an undisclosed amount of money. However, Nokia will retain 10% of shares in the 1998-founded company, Vertu.

 

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Nokia also revealed that it will soon acquire assets from mobile firm and will also create around 10,000 jobs by the end of 2013. Vertu was created by Nokia having a set goal to design and sell luxury mobile devices and accessories. These mobiles and accessories are mainly built with precious stones, gold, diamonds and other luxurious metals. These product lines cost from the entry level £3,500 to high end £50,000. However, its most expensive master piece (handset) has sold for £224,000.

 

Most of the regular devices of Vertu are co-branded with high end brands such as Ferrari that targets only wealthy consumers. Nokia has not provided the exact sale figures; however, it has claimed that Vertu sales are increased by double digits since the past few years, which is why EQT VI showed its interest to acquire Vertu from Nokia. Furthermore, Nokia promised to release further details of the deal in the second half of 2012.

 

Jan Ståhlber, a partner at the EQT VI, says

“it is planning to invest in retail expansion, marketing and product development to growth the Vertu business.”

 

Vertu has headquartered in the UK and employs a worldwide staff of 1,000 people.

 

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