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Investor set to buy Vertu from Nokia
14 June 2012
Nokia’s Vertu phones likely to go to Swedish private equity company EQT for €200m
Nokia is in discussions to sell its UK-based luxury mobile phone brand Vertu to Swedish private-equity firm EQT Partners, in a deal which may provide Nokia with €200 million. A deal is likely to be announced this week, reported Bloomberg citing a source close to the development.
Nokia was in advanced discussions in April 2012 with private equity firm Permira to sell its luxury mobile phone brand. Nokia launched Vertu in 1998 to meet the rising demand for mobile phones as a luxury brand. The company sells its jewelled phones through more than 80 luxury outlets.
The move comes as part of Nokia’s efforts to boost its mobile-phone division, which is facing tough competition from Apple and devices using Google’s Android. GTB
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