Nokia to sell luxury Vertu division?

Cellphone maker Nokia is in advanced talks to sell its UK subsidiary Vertu to private equity group Permira, the Financial Times reported

By - April 30, 2012
Nokia logo feature

Cellphone maker Nokia is in advanced talks to sell its UK subsidiary Vertu to private equity group Permira, the Financial Times reported.

Nokia, which last week had its credit rating cut to “junk” status by ratings agency Standard & Poor’s, will raise about 200 million euros ($265.19 million) from a potential sale, the FT said in a piece published on its website on Sunday.

People familiar with the talks were cited as saying Goldman Sachs was advising to oversee the sale, but said the outcome was not yet certain.

Vertu and Permira were not available for comment.

EQT, the Northern European private equity group, has also been in talks about buying the group, although those close to the process, cited by the FT, say that these are not progressing at this stage.

Nokia, once the world’s dominant mobile phone provider, first signaled its intention to sell its luxury subsidiary Vertu in December.

Vertu makes some of the most expensive cellphones in the world by hand, which can feature crystal displays and sapphire keys. Its cellphones can cost more than 200,000 pounds due to the precious metal components.

Share your thoughts

Shutterstock is the image partner of MyBroadband – more technology images

Join the conversation

Connect with Us



Apple iPhone 6s and 6s Plus pre-orders open today in SA - are you ordering one?

View Results

Loading ... Loading ...

More News

SABC has until 4pm to suspend Motsoeneng: DA

Hlaudi Motsoeneng

The DA has written to the legal representatives of the SABC and its COO‚ giving them until 4pm on Friday to give effect to the court-ordered suspension of Motsoeneng.

Big savings on gadgets and tech products

Deals Sale

If you are looking for awesome deals on technology products from South Africa’s top retailers, you have come to the right place.

3 proposed principles for online content blocking

Firefox icon on mobile screen with blurred icons

Mozilla has published its proposed principles for content blocking on the Internet.

Telkom to launch “Telkom Community”

Telkom logo on wall

Telkom said it is constantly improving its digital platforms, which now include the new Telkom Community – where customers can share their experiences with the company.


Newsletter Subscription

Email *
Enter the following to confirm your subscription *
Captcha image

Free MyBroadband Newsletter