Nokia announced this morning, that it has agreed terms for EQT VI, part of the leading private equity group in Northern Europe, to acquire Vertu, Nokia's luxury mobile phone brand. According to the press release, Nokia believes that this is the best option for the next step in Vertu's journey (and most likely Nokia's own future) of delivering excellence, enabling the brand to focus on increased opportunities for growth in the luxury category. Having delivered double digit sales growth over the past few years, Vertu is said to continue leading its class with a portfolio of high end mobile phones, increasingly led by its smartphones and tailored services, offering unique access, experiences and opportunities to a discerning and growing customer base.
"With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT VI's investment strategy. EQT VI is excited about the opportunity to develop Vertu as a standalone company and plans to drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development," said Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.
"This is a logical next step in the evolution of Vertu as the world leader in luxury mobile products," said Perry Oosting, President of Vertu. "Since Vertu began in 1998, our business has grown every year, due to the efforts of our talented workforce and the unique products and services we offer to our customers. We believe that EQT VI will position Vertu to continue to grow and lead in our marketplace."
Striking the perfect balance between an unparalleled art of craftsmanship and modern technology, Vertu offers an unrivalled range of category leading mobile phones as functional as they are aesthetically desirable.
Vertu prides itself on being a pioneer in delivering relevant, tailored luxury information and services direct to mobile handsets through Vertu Concierge, and continues to expand this proposition to deliver unparalleled customer service. Vertu is headquartered in Church Crookham, UK and employs approximately 1,000 people worldwide.
The transaction, the terms of which are confidential, is expected to close during the second half of 2012, subject to customary regulatory approvals and closing conditions. Nokia will retain a 10% minority shareholding in Vertu.
Cheers ~ Arne