Nokia has agreed to sell its luxury phone division Vertu to EQT VI, a private equity firm from Northern Europe.

“With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT VI’s investment strategy,” said Jan Ståhlberg, Partner at EQT Partners.

“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,” the investment advisor to EQT VI added.

“This is a logical next step in the evolution of Vertu as the world leader in luxury mobile products,” said Vertu President Perry Oosting.

“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,” he added.

Vertu sells luxury phones – often with exotic materials like gold and precious gems – in the high-end price range. No price for the deal to acquire Vertu has been mentioned by Nokia and EQT VI.

Image from thenoodleator on Flickr (CC)

About Solon Harmony Dolor

A passion for technology and journalism makes this upcoming writer very interested in social media and technology news. Fresh from finishing an English and Journalism degree from the University of the Philippines Diliman, he aims to bring interesting news to our readers .