Business Tech

Nokia discusses the sale of its subsidiary Vertu

LONDON (Reuters) – Nokia has initiated discussions to sell its luxury Vertu brand UK, which markets some of the most expensive mobile phones in the world, said  a source close to the company strategy on Monday.

The Financial Times earlier reported that the Finnish group was in advanced discussions on this issue with the investment fund Permira and that this sale could bring some 200 million euros.

Nokia declined to comment while Virtue and Permira were not available for comment on the report.

The credit rating of Nokia was relegated last week to speculative grade by Fitch and Standard & Poor’s.

The group, which has lost its position as leading global manufacturer of mobile, announced in December its intention to sell Vertu.

The price for a Vertu model can reach up to 200,000 pounds (246,000 euros) and some brand models are made partly of precious metal or incorporate crystals.

The FT quoted sources close to the talks under which Goldman Sachs was hired as a consultant on this issue and added that the outcome of discussions is not assured.

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