HELSINKI/NEW DELHI: Finnish mobile handset maker Nokia has announced its plans to sell its luxury mobile brand Vertu to private equity (PE) firm EQT VI for an undisclosed amount.
“Nokia has agreed terms for EQT VI, part of the leading private equity group in Northern Europe, to acquire Vertu, the global leader in luxury mobile phones from Nokia,” as per the statement issued by the company.
The move is a part of Nokia's strategy to sell its non-core assets. However, Nokia announced to own a minority shareholding of 10 per cent in Vertu.
Although, the company has not disclosed financial details of the transaction but reports suggests that the deal size could be around USD 250 million.
“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,” Vertu President Perry Oosting said.
The company expects to close the deal during the second half of the year. Presently, Nokia has been witnessing a tough competition from rivals Samsung and Apple Inc in the smartphone category.