5/1/2012 11:15:29 AM
Nokia in talks to offload Vertu luxury arm
Nokia is reportedly in advanced talks about selling its luxury phone wing Vertu to private equity firm Permira.
The deal could net the Finnish manufacturer €200m. Nokia has been trying to offload Vertu for some time. Last week, the company had its credit rating cut by credit agencies Fitch and Standard & Poor's, with both expressing doubts about the business' turnaround strategy.
Both Nokia and Permira were unavailable for comment. Reuters said EQT, a northern European private equity fund, had also been in the running but it is not considered a leading contender.
Editor: Graeme Neill