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 Share on LinkedIn
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

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

Do you think online gambling should be regulated in South Africa?

View Results

Loading ... Loading ...

More News

How to stop your smartphone from being hacked

Apps on Smartphone

Unsecured mobile phones are among the top seven major causes of security breaches and your mobile number is all a hacker needs to start the attack.

These cars got zero stars in NCAP safety tests – watch their crash videos

NCAP crash test

The latest Indian crash test results from Global NCAP were released recently, which showed that five models tested all received a zero star rating.

Political parties condemn SABC censorship

SABC logo TV screens

Political parties on Friday condemned the South African Broadcasting Corporation’s decision on limiting broadcasting of protests.

Awesome tech and gadget deals

Sale Deals

This week you can score a sweet deal if you shop at Game, Dion Wired, Makro, Loot, and Incredible Connection.

X

Newsletter Subscription


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


Free MyBroadband Newsletter
Subscribe
×