Nokia to Sell Vertu Subsidiary?
The Vertu namesake has become synonymous with insanely expensive handsets not too many of us can afford. While other smartphone manufacturers are busy grappling at each others' throats, Vertu prefers to remain in the backseat by focusing on aesthetics rather than revolutionary technologies.
According to a recent Financial Times report (via Reuters), Nokia is prepared to sell its luxury subsidiary, and has appointed Goldman Sachs, a global investment banking and securities management firm, to manage the sale proceedings.
Vertu has yet to be valued, although the company's annual revenue is estimated to be between 200 and 300 million euros. Talks are said to be in their preliminary stages at this point in time, with a number of private equity groups already eyeing the proposed deal. Nokia's plans to release its UK subsidiary is also likely to attract luxury goods brands hoping to extend their customer base.
Reuters was unable to contact Nokia or Goldman for further comment.