Nokia to sell Vertu subsidiary

Nokia to sell Vertu subsidiaryNokia is in the process of selling its luxury Vertu subsidiary, according to a recent report by The Financial Times.

Vertu was set up by Nokia in 1998, with its headquarters just down the road in Hampshire, and the manufacturer has been responsible for some of the world’s most expensive – and subsequently most ridiculous – mobile phones.

Goldman Sachs has reportedly been assigned to oversee the sale, and while the process is said to be in the early stages, there’s already thought to be interest from private equity groups and luxury manufacturers.

A value has yet to be assigned to Vertu, though it’s annual revenue is estimated to be in the region of £170-255 million. Not too shabby.

One of our favourite Vertu phones was the Signature Cobra, which weighed in at £210,000. It featured a jewel-encrusted cobra around the keypad, with two diamonds, emeralds for eyes, and 439 rubies. Only eight were ever made.

If that sounds a little out of your price range, you might fancy the Vertu Signature Python, which was significantly more affordable at £75,000.

Meanwhile, in Somalia...

via: ZDNet

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