Nokia has announced it is to sell 90 per cent of its UK-based luxury mobile maker Vertu to private equity firm EQT VI
The deal, which is expected to be completed in the second half of 2012, is part of a wider plan to help the troubled firm return to profitability, which also includes cutting 10,000 jobs, closing research divisions in Europe and transforming its management team.
Nokia will retain a 10 per cent minority stake in the firm, which has experienced double digit growth over the past few years.
Commenting on the deal, Vertu president Perry Oosting commented: “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.”
EQT 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.”
