Nokia close to $250 million Vertu sale

imageBloomberg 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 €200 million (about $250 million).

Nokia’s Vertu jewel-encrusted handsets have been selling for €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 Nokia’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.

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