Nokia looks to sell its luxury subsidiary: Report
Quotes

Nokia looks to sell its luxury subsidiary: Report

Last Updated: Thursday, December 08, 2011, 09:32
 
 Comment 0
 
Nokia looks to sell its luxury subsidiary: Report
London: Nokia is all set to sell its luxury subsidiary Vertu, as the Finnish handset manufacturer overhauls its business in an effort to compete with other smartphone makers, a newspaper reported on Thursday.

The newspaper cited one person familiar with the process as saying Nokia has appointed Goldman Sachs to oversee the sale of its UK subsidiary, but talks are still at an early stage.

Vertu, which makes luxury handmade phones, has yet to be given a value, although annual revenue is estimated to be between 200 million euros and 300 million euros ($268 million and $402 million).

Vertu has attracted interest from private equity groups, according to one person with knowledge of the business cited in the article published on the newspaper website.

The person cited by the newspaper said Vertu is also likely to attract attention from luxury goods brands, given its emerging market customer base and the potential for cross-selling.

Neither Nokia nor Goldman could be reached immediately for comment.

Bureau Report




First Published: Thursday, December 08, 2011, 09:32


Comments


comments powered by Disqus
New York Auto Show: 2015 Subaru Outback
New York Auto Show: 2015 Subaru Outback
New York Auto Show: Dodge Hot Cars
New York Auto Show: Dodge Hot Cars
New York Auto Show 2014: Hot Cars
New York Auto Show 2014: Hot Cars
Top 10 Fastest-Emerging Cities
Top 10 Fastest-Emerging Cities
Top Businesswomen in India
Top Businesswomen in India

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved