Nokia in Talks to Sell its Luxury Subsidiary “Vertu”

Cell phone maker Nokia is in talks to sell its UK luxury subsidiary Vertu, which hand makes some of the world’s most expensive mobile phones.

Talks with private equity group Permira were at an advanced stage on a possible sale which would raise about 200 million Euros.

Vertu’s cell phones can feature crystal displays and sapphire keys, costing more than 200,000 pounds, due to the precious metal components.

Nokia, which had its credit rating cut to “junk” status by Standard & Poor’s last week, first signaled its intention to sell Vertu in December, and recently said it plans to dispose of “non-core assets”.

Goldman Sachs was advising on the possible sale, but said the outcome was not yet certain, as Reuters stated.

EQT, the Northern European private equity group, has also been in talks about buying the company, although those close to the process, cited by the FT, say that these are not progressing at this stage.