With announcement of major turf and as expected this, Nokia has agreed terms for EQT, a leading private equity group based in Northern Europe to acquire Vertu. The Finnish mobile giant will keep a 10 percent stake in Vertu and described the decision as “the best option for the next step in Vertu’s journey”. Vertu is headquartered in Church Crookham, UK and employs approximately 1,000 people worldwide.
“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.
There are no details mentioned of financial terms and other terms and conditions although as per the Reuters report yesterday, Nokia sold its subsidiary for about 200 million euros (about $249 million).