Nokia looking to unload Vertu brand?

Nokia is reportedly looking to sell its luxury brand Vertu to a private equity group for about 200 million euros, or about $265 million.

The once-dominant cell phone maker is in advanced negotiations with Permira to unload the U.K.-based subsidiary, which is best known for offering $20,000 cell phones, the Financial Times reported today (subscription required). Goldman Sachs was reportedly advising on the sale.

Following a similar move by Fitch Ratings last week, Standard & Poor's on Friday cut the rating for the Finnish mobile phone maker to "junk." The weaker rating reflects a lower estimate for sales from Nokia's handset division this year along with a revised forecast on profits and cash flow.

Earlier this month Nokia reported a $1.76 billion loss for its first quarter as its Symbian phones continue to shed market share. The company has been hedging its bets on its new Windows Phone-based Lumia handsets, but sales have yet to take off on a global scale.

Earlier this year, the luxury phone maker launched a trio of phones to welcome the Year of the Dragon, complete with precious stones and top-grade metals, plus a hand-engraved four-claw dragon on the battery cover.

Source: CNET

Tags: mobile phones, Nokia

Comments
Add comment

Your name:
Sign in with:
or
Your comment:


Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party


Last news

 
Galaxy Note10 really is built around a 6.7-inch display
 
You may still be able to download your content
 
Facebook, Messenger and Instagram are all going away
 
Minimize apps to a floating, always-on-top bubble
 
Japan Display has been providing LCDs for the iPhone XR, the only LCD model in Apple’s 2018 line-up
 
The 2001 operating system has reached its lowest share level
 
The entire TSMC 5nm design infrastructure is available now from TSMC
 
The smartphone uses a Snapdragon 660 processor running Android 9 Pie
The Samsung Galaxy A5 (2017) Review
The evolution of the successful smartphone, now with a waterproof body and USB Type-C
February 7, 2017 / 2
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
 
 

News Archive

 
 
SuMoTuWeThFrSa
      1
2345678
9101112131415
16171819202122
23242526272829
3031     




Poll

Do you use microSD card with your phone?
or leave your own version in comments (15)