Nokia sells luxury handset brand Vertu

Written by: Mobile News
Nokia sells luxury handset brand Vertu

Troubled Finnish mobile maker agrees to sell 90 per cent of UK-based luxury handset brand to European private equity firm EQT

Nokia has agreed to sell 90 per cent of its UK-based luxury handset maker Vertu to private equity firm EQT VI for an undisclosed sum.

The troubled Finnish mobile maker, which has separately announced it is cutting 10,000 jobs and closing research divisions in Europe, said it believed the deal will help Vertu “focus” on growth opportunities.

Nokia will retain a 10 per cent stake in Vertu, which the firm says has recorded double digit growth over the past few years.

The deal is expected to close in the second half of this year.

EQT Partners partner Jan Ståhlberg said: “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.”

Vertu president Perry Oosting said: “This is a logical next step in the evolution of Vertu as the world leader in luxury mobile products.”

“Since Vertu began in 1998, our business has grown every year, due to the efforts of our talented workforce and the unique products and services we offer to our customers. We believe that EQT VI will position Vertu to continue to grow and lead in our marketplace.”

 

 

Leave a Reply

To advertise on this site, call 0203 122 0872

Recent Comments

Problem is that the tecdesk 5500 is £270 trade cost which is ridiculously expensive....
please can 128gb fit in samsung galasy k zoom mobile????...
There will be a version of the Apple Watch which will cost in excess of £10,000....
Written by a numpty! I don't think that the apple watch will be in the same price bracket as a Rolex...
Noted - thanks...
Please reread the penultimate paragraph - that quote doesn't say that microsoft is treading water - it says that Blackberry is: "While Microsoft is making significant effort to grow its prese...
What an ugly pig of a phone!...
I've always supported blackberry and am hoping that this phone helps them get back on to the road to redemption with their past and current customers. The BB10 rollout was a complete unmitigate...
The BlackBerry Z30 was released on October 1, 2013 - not "mid October" as you suggest. What was that you said about research? We tend to round dates off to the nearest month - rather than somethi...
Hi Chris, Our Mystery Shopper did do a review in Middlesbrough a few weeks ago - http://www.mobilenewscwp.co.uk/2014/09/09/mystery-shopper-middlesbrough/ However, we are looking at sending ...

Social Media Feed