Mobile handset firm Nokia, on Thursday, said it would sell its luxury mobile brand Vertu to private equity firm EQT VI for an undisclosed amount.
The move is a part of Nokia's strategy to dispose of its non-core assets.
“Nokia has agreed terms for EQT VI, a part of the leading private equity group in Northern Europe, to acquire Vertu, a global leader in luxury mobile phones from Nokia,” the company said in a statement. Nokia said it would retain a minority shareholding of 10 per cent in Vertu. However, the company has not disclosed financial details of the transaction but, according to media reports, the deal size could be around $250 million.
“This is a logical next step in the evolution of Vertu as the world leader in luxury mobile products,” Vertu President Perry Oosting said.
To cut 10,000 jobs
Meanwhile, Nokia said it would cut 10,000 jobs globally by the end of 2013 but its Indian operations were unlikely to see any ‘significant impact'. Nokia also announced closure of its facilities in Ulm in Germany and Burnaby in Canada as part of its planned measures to rescale the company by making additional reductions in devices and services.