Nokia to sell Vertu? | Mobile Devices | Mobile Entertainment

Nokia to sell Vertu?

Nokia to sell Vertu?
Tim Green

by

Devices / Nokia / December 8th 2011 at 10:23AM

Legal documents will probably have diamante all over them.

The FT has reported that Nokia wants to get rid of its luxury phone division as it looks to focus more sharply on re-gaining its strength in smartphones.

The newspaper claims Nokia appointed Goldman Sachs to oversee, with talks at an early stage. It reckons private equity is the likely destination.

Vertu is thought to have annual revenue of between 200 million euros and 300 million euros. It was created by Nokia in 1998 to address the luxury market that buys bilgy jewellery and watches.

The handmade phones scan cost more than £200,000. They're sold in upmarket stores in more than 60 countries.