Permira eyeing Nokia luxury phones

Nokia entered advanced talks with Permira after EQT pulled out, according to the Financial Times.

The divestment of Vertu is seen as an attempt by Nokia to dispose of non-core assets, possibly in light of increased competition in the mobile phones market. The firm recently saw its debt downgraded to junk status by rating agencies.

The business, which is believed to be valued at around €200m, was launched by Nokia in 1998. It manufactures hand-made luxury phones marketed to upmarket customers. The phones, which are sometimes adorned with precious metals and gemstones, can command up to six-figure price tags. Estimates place the business' revenues in the €200-300m range.

The sales process is advised by Goldman Sachs.

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• Topics
• Nordics
• Permira
• EQT