Nokia in talks to sell Vertu business to Permira: Report
In an interview to NDTV, Sigve Brekke, Telenor Group Executive Vice President and Head of Telenor Asia operations, says the government is forcing Telenor to quit even though it came with the intent to compete and invest in India's telecom market.
Mobile handset maker Nokia is in advanced talks to sell its luxury mobile phone brand Vertu for €200 million to private equity firm Permira, according to a media report.
"Nokia is in advanced talks to sell the world’s most expensive mobile phone brand to Permira, the private equity group, as the Finnish company looks to dispose of non-core assets to help turnaround its devices division," UK daily Financial Times reported.
Nokia, which reported a net loss of €929 million in the first quarter of 2012, is looking to sell off non-core parts of the business and accelerate cost savings in its devices division as it focuses on driving sales of its Windows-based Lumia smartphone platform, the report added.
According to the news report, Vertu, which features crystal displays and sapphire keys that are hand-made and cost £200,000, has a potential of higher sales in Asia and Middle East region.
Annual revenue for the Vertu business has been estimated to be €200-300 million, with outlets in more than 60 countries, it added.
Permira equity portfolio includes luxury and tech brands such as Hugo Boss and Valentino.
According to the report, both Nokia and Permira declined to comment on the sale.