Nokia dumps Vertu
By Loh Ving Sung GooglePlus
14 June 2012 - Nokia has agreed terms with a private equity group, EQT, to sell off its the luxury smartphone making arm of the Finnish firm. The transaction terms remain confidential, but Nokia is expected to get 200 million Euros from the deal. The deal is expected to close during the second half of 2012. Nokia did confirm that it will be holding onto 10 percent stake in Vertu.
According to The Financial Times, Nokia has been looking to sell the luxury phone maker for 18 months. In a statement, Nokia says Vertu has been delivering double digit sales growth over the past few years.
On a related note, Nokia has announced that it will close its factories in Finland, Germany and Canada and lay off up to 10,000 workers before the end of 2013.
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