Vertu up for grabs
Permira and NQT, two private equity firms are supposedly in talks with Nokia regarding purchasing the Vertu brand
The rumour mill is running amok about the possible sale of Nokia's luxury subsidiary, Vertu.
If chinwag is to be believed, Nokia is supposedly in talks with a private equity group, Permira, to purchase the luxury mobile phone brand. There also seems to be another bidder vying for Vertu, NQT, also a private equity company. Goldman Sachs is said to be possibly advising on the sale, which if it does go through, could mean an injection of nearly $265 million for Nokia.
Vertu's phones are aimed at the uber-wealthy, and have many luxury features like crystal displays, sapphire and ruby keys and diamond studded casings. There are special editions layered with precious metals and gems that sell for as much as $300,000.
Nokia, once the largest manufacturer of mobile phones in the world has slowly slipped off its pedestal, with Samsung recently taking its title away. The transition from Symbian to Windows Phone for its smartphones has also put the company under a lot of pressure. Maybe the sale of Vertu could turn things around.