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Nokia has agreed to sell Vertu to ETQ V1

vertu

The move was being speculated since some time by mobile industry analyst  and today Nokia has announced through a press release  that

Espoo, Finland – Nokia has agreed terms for EQT VI, part of the leading private equity group in Northern Europe, to acquire Vertu, the global leader in luxury mobile phones, from Nokia.

Vertu was started by Nokia in October 1998 and since then the company has shown growth. Vertu is head quartered in London with 1000 employees. In 2002 Vertu launched his first model Signature which received the hallmark from Swiss assay office. Vertu also provide exclusive services to their client.

 

Vertu sales has grown in double digit in last few Years. In 2011 Vertu Generated a sales of EUR 256 million  in 2011. Vertu is the leader in the Luxury category of the mobile phones and its product are sold Globally.  Vertu is available in over 500 stores, including over 70 Vertu boutiques, in 66 countries worldwide.

ETQ V1 has also made the announcement related to deal and the information provide by them are

-EQT VI plans to acquire 90% of Vertu, the global leader in luxury mobile phones, from Nokia

-Nokia retains a minority shareholding of 10%

-EQT VI will continue to develop Vertu through accelerated retail expansion as well as significant investments in marketing and product development

The primary motive of ETQ V1  behind buying Vertu is

-Strong Brand

- The growth perspective is attractive.

Jan Stahlberg, Partner at EQT Partners, Investment Advisor to EQT VI commented on the deal [highlighter color="gray" ]“EQT VI is excited about the opportunity to develop Vertu as a standalone company and drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development”[/highlighter]

There was no information provided by any side on the amount of the transaction citing confidential reasons.

Nokia:Nokia is a global leader in mobile communications whose products have become an part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia to capture and share experiences, access information, find their way or simply to speak to one another.

EQT is the leading private equity group in Northern Europe with close to EUR 18 billion in raised capital and multiple investment strategies.

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