Nokia has agreed terms for EQT VI, part of the leading private equity group in Northern Europe, to acquire Vertu, the global leader in luxury mobile phones, from Nokia.
Nokia finally got rid of Vertu. Vertu is making ridiculously expensive mobile phones by adding bling bling and exclusive services for the super rich. Nokia believes that this is the best option for the next step in Vertu's journey, enabling the brand to focus on increased opportunities for growth in the luxury category.
"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," said Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.
Vertu is headquartered in Church Crookham, UK and employs approximately 1,000 people worldwide.