Vertu Acquired by EQT VI

The European private equity firm ETQ Vi has acquired Nokia’s line of luxurious mobile phones, Vertu. This is the best option in Vertu’s journey of delivering excellence as Nokia believes as this would enable the brand to focus on increased opportunities for growth in the luxury category. Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI said: "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,"
Vertu continues to lead its class with a nice collection of extremely luxurious mobile phones after the great success and big growth over the past few years. It has over the years offered unique access, experiences and opportunities to a discerning and growing customer base in addition to that it has increasingly led by its tailored services and smartphones.
Perry Oosting, President of Vertu stated: "This is a logical next step in the evolution of Vertu as the world leader in luxury mobile products. 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." As for the transaction, it is expected to close during the second half of 2012 but what we know is that Nokia will retain a 10 % minority shareholding in Vertu.

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