Nokia sells Vertu to EQT VI

Nokia Sells Vertu

It may have taken headlines reporting EQT VI has acquired Vertu from Nokia before a lot of folks discovered that the Finnish company is the founder of this particular brand. Well, whatever Nokia’s plans for the future are, concentrating on luxury phones is obviously not part of them.

Vertu was founded in 1988 and maintains its headquarters in Church Crookham, the UK. With a workforce strength numbering at almost 1,000 employees across the globe, the brand has reached 66 countries worldwide. For those who’ve been following its device releases, the label boasts of several interesting introductions in the Constellation, Ascent, Ayxta and other collections.

“With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT VI’s investment strategy. EQT VI is excited about the opportunity to develop Vertu as a standalone company and plans to drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development,” expressed Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.

Nokia Vertu Phones

Though Nokia paints a happy picture of sending its baby out into the sunset to grow even bigger, there clearly is more to the decision than that. Letting go of a brand which apparently claimed a sales growth in double digits over the past few years can hardly be easy. At any rate, the Finland-based manufacturer will keep a 10% minority shareholding in the luxury brand.

The EQT VI acquisition of Vertu from Nokia should be completed by the second half of this year.