10/12/2012 5:00:00 PM
Nokia completes sale of Vertu
Nokia has sold its luxury phone arm Vertu to private equity firm EQT VI.
The divestment is part of Nokia's strategy of shedding non-essential parts of the business as it bids to turn around its financial fortunes. As part of the deal, Nokia will keep a 10% minority shareholding. Around 1,000 Nokia staff members will move with Vertu as part of the deal.
Former Nokia veteran Anssi Vanjoki is reportedly in the frame to take over the business, with suggestions it could opt to build devices running on the Android operating system. No price for the deal was revealed but earlier reports claimed it could earn Nokia Eu200m.