Nokia (NOK) is close to selling its Vertu luxury phone business to Swedish P-E firm EQT Partners...


Nokia (NOK) is close to selling its Vertu luxury phone business to Swedish P-E firm EQT Partners for roughly $250M, sources tell Bloomberg. A prior report claimed Nokia was in talks to sell the unit to Permira for ~$264M. Vertu's sale will bolster Nokia's balance sheet as it tries to stop bleeding cash.

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Comments (5)
  • 1980XLS-2.0
    , contributor
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    Perhaps I can afford one of those phones now, with all the money made from shorting NOK stock!
    12 Jun 2012, 03:48 PM Reply Like
  • BadDog40
    , contributor
    Comments (190) | Send Message
     
    There's one on ebay for sale right now. $3599.00.
    Item number: 251023282287

     

    Assembled by hand in England, the Vertu phones are the best at what they do in the luxury cell phone market! This is a genuine Vertu cell phone and as always, authenticity is guaranteed !!! Retails at $8500 with tax.
    You need to jump all over that bad boy!
    13 Jun 2012, 02:32 AM Reply Like
  • Caygill
    , contributor
    Comments (3) | Send Message
     
    This complete news is sooo misplaced! Nokia has been trying to get rid of Vertu for at least the last 2 years. The reasons behind the sales has nothing to do with bleeding cash, something Nokia still have plenty of. Vertu has been for long a burden for Nokia, not an asset. It brings nothing to Nokia's business (a totally inpendendent, small-scale luxuary production) and was simply a mistep from its beginning. Compare it to the British luxary cars (Bentley and R&R), both going from owner to owner.
    12 Jun 2012, 04:20 PM Reply Like
  • techy46
    , contributor
    Comments (11512) | Send Message
     
    Non event. The $250m is nice positive way to get out of stupid business model. Much bigger event next week when Microsoft previews Windows Phone 8 especially since Apple's WWC was such a non event. Read analysts amusing reviews of WWDC

     

    http://bit.ly/MITwQ7
    12 Jun 2012, 05:13 PM Reply Like
  • divtra
    , contributor
    Comments (164) | Send Message
     
    The natural question arises, who are those "suckers" paying $250 million for such a stupid business model?
    13 Jun 2012, 06:36 AM Reply Like
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