Nokia has confirmed that private equity firm EQT Partners has agreed to acquire Finnish vendor Nokia’s luxury brand Vertu. The deal is thought to be worth around €200m.
Nokia, which also announced plans today to cut 10,000 employees by the end of…
Nokia has confirmed that private equity firm EQT Partners has agreed to acquire Finnish vendor Nokia’s luxury brand Vertu. The deal is thought to be worth around €200m.
Nokia, which also announced plans today to cut 10,000 employees by the end of 2013 to cut costs, is retaining a 10% stake in the unit, which manufactures luxury mobile phones using precious metals.
The company declined to disclose deal terms, but Goldman Sachs is thought to be advising on the sale.
It is understood that EQT’s private equity rival Permira was at one point closely evaluating Vertu. However, Permira disengaged in May, enabling EQT to enter into exclusive negotiations.
