EQT picks up Vertu from Nokia

EQT has acquired a 90% shareholding in Vertu through EQT VI, which closed on €4.75bn in October 2011. Nokia will retain a 10% stake in the business, which is reportedly valued at around €200m.

The sale of Vertu has been known for some time, but earlier reports in the financial press suggested EQT had pulled out, leaving Permira to acquire the luxury phones. The business however went to EQT in the end, which "stood out for its reliability and speed of execution", according to Nokia CFO Timo Ihamuotila.

EQT partner Jan Ståhlberg commented that the GP will develop Vertu as a standalone business, focusing on investments in retail expansion, marketing and product development.

Company
Vertu, created by Nokia in 1998, manufactures handcrafted 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. In addition to the phones, Vertu also offers accessories and a 24/7 concierge service to its customers.

Based in Church Crookham, UK, the company employs 1,000 staff and generated sales of €266m in 2011.

People
Jan Ståhlberg and director Jussi Nyrölä worked on the deal for EQT.

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