Mergers and Acquistions News
Categories: Hardware
December 8th 2011, 16:11PM
Finnish handset manufacturer Nokia is looking to sell its subsidiary company Vertu as it overhauls its business structure.
Vertu, which is based in the UK, manufacturers hugely expensive handsets and according to the Financial Times, a number of luxury goods brands are expected to put in an offer.
A value for the firm has not been given, but its annual revenue is estimated to be between €200 million and €300 million (£170 million and £257 million).
The news provider reported that Nokia is hoping to compete with other smartphone providers including HTC and Apple, which are dominating the market.
Handsets are sold in more than 60 countries, although its customer base is largely in Russia and the Middle East, where the devices sell for up to £10,000.
A deal is in its early stages, while Google is seeking regulatory approval for its proposed takeover of mobile phone handset manufacturer Motorola.
It hopes to acquire the firm for $12.5 billion (£7.7 billion).
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