Nokia in talks to sell Vertu business to Permira: Report
London: Mobile handset maker Nokia is in advanced talks to sell its luxury mobile phone brand Vertu for 200 million euros (USD 264 million) to private equity firm Permira, according to a media report.
"Nokia, is in advanced talks to sell the world?s most expensive mobile phone brand to Permira, the private equity group as the Finnish company looks to dispose of non-core assets to help turnaround its devices division," UK daily Financial Times reported.
Nokia, which reported a net loss of 929 million euros (USD 1.2 billion) in the first quarter of 2012, is looking to sell off non-core parts of the business and accelerate cost savings in its devices division as it focuses on driving sales of its Windows-based Lumia smartphone platform, the report added.
According to the news report, Vertu, which features crystal displays and sapphire keys are hand made and cost 200,000 pounds, has a potential of higher sales in Asia and Middle East region.
Annual revenue for the Vertu business has been estimated to be between 200 million euros and 300 million euros, with outlets in more than 60 countries, it added.
Permira equity portfolio includes luxury and tech brands such as Hugo Boss and Valentino.
According to the report, both Nokia and Permira declined to comment on the sale.