Vertu, the luxury mobile phone manufacturer owned by Nokia may be up for sale as the Finnish mobile manufacturing giant is looking to overhaul their business. This is being done in an effort to withstand the competition from other smartphone manufacturers by using the money acquired from the sale of Vertu. According to a report by the Financial Times, unnamed sources have informed them that Nokia has appointed Goldman Sachs to advise them on the on the sale of the British-based luxury handset manufacturer.
Luxury handset manufacturer to be sold
The report states that Vertu is attracting interest from private equity groups, but there is no valuation set for the company, as yet. However, the brand’s annual revenue is believed to be in the region between 200 million euros and 300 million euros. Apart from private equity firms, Vertu is also attracting interest from luxury goods brands. There is no information about the identity of these parties, at present.
It appears that these talks are in their founding stages and neither Nokia nor Goldman Sachs has made a comment regarding this report. Though the starting price of these handsets is 3,000 euros, one would think that the sales would be quite low. However, contrary to this, these Symbian handmade handsets are quite popular in countries such as Russia and some areas in the Middle East.
Do you think Nokia could benefit from the sale of Vertu? Let us know your thoughts in the comments below.
Publish date: December 9, 2011 10:33 am| Modified date: December 18, 2013 9:07 pm