Nokia to sell Vertu to fund the smartphone business

The asking price for company is still unclear as Vertu doesn't publish its financial results separately, but evaluation is said to be currently taking place. The Vertu annual revenue is estimated to be somewhere between €200 million and €300 million, which seems like a lot considering the small market niche that Vertu services. Furthermore, the company is said to making a healthy profit each year, though there were no specific numbers mentioned.

Nokia has, reportedly, appointed Goldman Sachs to oversee the sale of its subsidiary. Vertu is said to have attracted quite a lot of interest from private equity groups and luxury goods brands, but talks are still at early stages.

Nokia has declined an official comment on the story, but more info should start coming up as negotiations advance.

Source: GSMArena

Tags: mobile phones, Nokia

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