EQT VI has agreed to acquire Vertu Corporation, the global leader in luxury mobile phones, from Nokia. Founded by Nokia in 1998, Vertu is the pioneer and global leader in luxury mobile phones. In addition to a range of luxury phones handcrafted in Church Crookham, UK, Vertu offers a portfolio of services and accessories, including a 24/7 concierge service. The Company has around 1,000 employees and its products are sold globally in over 50 countries through own retail and trade partners’ stores. Vertu has grown strongly throughout its history, driven by its unique offering and a rapid growth of high net worth individuals globally. In 2011, Vertu generated sales of EUR 266 million.
“With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT VI’s investment strategy. EQT VI is excited about the opportunity to develop Vertu as a standalone company and drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development”, comments Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.
“In the sale process of Vertu, EQT VI stood out for its reliability and speed of execution in the planned transaction”, said Timo Ihamuotila, Chief Financial Officer of Nokia. “We are confident that EQT VI, with its industrial approach, will be a great owner and partner to support Vertu’s future development.”
“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.”
The transaction, the terms of which are confidential, is expected to close during the second half of 2012, subject to customary regulatory approvals and closing conditions
