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Nokia on verge of selling luxury subsidiary Vertu

Written by Andre Yoskowitz (Google+) @ 13 Jun 2012 23:13

Nokia on verge of selling luxury subsidiary Vertu The Finnish handset maker is preparing to sell the luxury line after months of searching for a buyer.
If accurate, reports have the company selling Vertu for $250 million to private equity group EQT.

There are still some roadblocks due to the "difficulty of carving the unit out of Nokia," but the sources expect the deal to close within a week.

Vertu sells ridiculously expensive phones, most costing $300,000 due to crystal displays, gold cases and keys made of sapphire.

Nokia, in an effort to raise cash and focus on their core smartphone division is selling "non-core assets".

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