TMCnet News
Nokia looks to sell its luxury subsidiary [Alrroya.com (United Arab Emirates)](Alrroya.com (United Arab Emirates) Via Acquire Media NewsEdge) Nokia is to sell its luxury subsidiary Vertu, as the Finnish handset manufacturer overhauls its business in an effort to compete with other smartphone makers, according to a recent report. The report cited one person familiar with the process as saying Nokia has appointed Goldman Sachs to oversee the sale of its UK subsidiary, but talks are still at an early stage. Vertu, which makes luxury handmade phones, has yet to be given a value, although annual revenue is estimated to be between €200 million and €300m ($268 million and $402m). Vertu has attracted interest from private equity groups, according to one person with knowledge of the business cited in the report. The person cited by the report said Vertu is also likely to attract attention from luxury goods brands, given its emerging market customer base and the potential for cross-selling. Neither Nokia nor Goldman could be reached immediately for comment. (c) 2011 I Media LLC Provided by Syndigate.info an Albawaba.com company |