Nokia to sell Vertu to EQT VI
The emergence of the smart phone definitely shuffles the whole mobile market. The old giant, Nokia, saw its market share drop dramatically. Instead, Apple, Samsung and HTC took advantage of the opportunity and stand firmly as the main global players in the handset market right now. In order to cut costs, Nokia sold its Vertu line, which makes a range of high end mobiles.
According to Nokia’s official press release, it believes this is the best option for the next step in Vertu’s journey of delivering excellence, enabling the brand to focus on increased opportunities for growth in the luxury category.
“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.”
Besides the acquisition, Nokia also announced that it will lay off 10,000 more employees, including a number of executives until the end of 2013. True, with regards to handling other strong competitors, Nokia still has a long way to go.
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