Nokia sells Vertu to private equity outfit

Nokia has sold a majority stake in its luxury mobile phone subsidiary, Vertu, to the private equity group, EQT VI.

Vertu is headquartered in Church Crookham, UK and employs approximately 1,000 people worldwide.

The transaction, the terms of which are confidential, is expected to close during the second half of 2012, subject to customary regulatory approvals and closing conditions. Nokia will retain a 10 per cent 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.