Bloomberg reports Nokia may be close to finalizing the sale of their luxury phone brand Vertu.
According to reports out late Tuesday, Nokia might strike a deal with Swedish private-equity firm EQT Partners to divest its Vertu phone unit. The deal may be valued as much as â‚¬200 million (about $250 million).
Nokiaâ€™s Vertu jewel-encrusted handsets have been selling for â‚¬5,000 or more, and has 60% of the luxury phone market, and is still seeing "high double-digit sales growth" in 2010 and 2011, expanding particularly into the Middle East and Asia.
The sale is part of Nokiaâ€™s move to shore up its cash position while it transitions to a fully Windows Phone ship, but likely means we will never see solid gold Nokia Lumia (or at least not for a while).
Read more at StreetInsider.com here.