Reuters: Financial Services and Real Estate: Nokia in advanced talks to sell luxury Vertu unit-FT

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Nokia in advanced talks to sell luxury Vertu unit-FT Apr 29th 2012, 21:55 LONDON, April 29 | Sun Apr 29, 2012 5:55pm EDT LONDON, April 29 (Reuters) - Cellphone maker Nokia is in advanced talks to sell its UK subsidiary Vertu to private equity group Permira, the Financial Times reported. Nokia, which last week had its credit rating cut to "junk" status by ratings agency Standard & Poor's, will raise about 200 million euros ($265.19 million) from a potential sale, the FT said in a piece published on its website on Sunday. People familiar with the talks were cited as saying Goldman Sachs was advising to oversee the sale, but said the outcome was not yet certain. Vertu and Permira were not available for comment. EQT, the Northern European private equity group, has also been in talks about buying the group, although those close to the process, cited by the FT, say that these are not progressing at this stage. Nokia, once the world's dominant mobile phone provider, first signalled its intention to sell its luxury subsidiary Vertu in December. Vertu makes some of the most expensive cellphones in the world by hand, which can feature crystal displays and sapphire keys. Its cellphones can cost more than 200,000 million pound due to the precious metal components. Link this Share this Digg this Email Reprints

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