But will retain a ten per cent share.
It was rumoured for months that Nokia planned to shift its swanky, super-expensive handset range Vertu, with the most recent report suggesting private investor Permira would pick the brand up for €200 million.
Now, the Finnish OEM has confirmed the gossip is true, though it was equity group EQT VI that bagged Vertu, and for an undisclosed amount.
Nokia claims the move is integral to the future of Vertu's growth in the luxury market, though it will retain a ten per cent share of the firm.
Jan Ståhlberg, partner at EQT Partners, investment advisor to EQT VI, said:"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."
The deal is set to close in the second half of 2012.