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Nokia sells its luxury arm Vertu to EQT

Nokia is selling its luxury division Vertu to private equity group EQT for an undisclosed amount. The move is a part of Nokia’s strategy to dispose of its non-core assets, the Finnish phone maker will retain a 10% minority shareholding in Vertu.

“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,” said Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.

In a separate announcement, Nokia today announced slashing of 10,000 jobs worldwide by end of the year.

[ Source: Nokia ]

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