Nokia Divests Vertu and Acquires Scalado
Jun 14, 2012, 7:26 AM by Eric M. Zeman
As part of its new strategic direction, Nokia today announced that it has divested the majority of its stake in Vertu, its luxury phone business. Nokia sold Vertu to a private equity firm called EQT VI, which is based in Northern Europe. Terms of the deal were not disclosed, and the acquisition is expected to be completed by mid-year. Nokia believes this is the right step for its Vertu business and for its core cell phone business. Nokia retains a 10% minority share in the company. Additionally, Nokia also announced that it has acquired developers, technologies, and intellectual property for imaging from Scalado. The two companies have worked together for more than 10 years. Nokia has long focused on providing the best possible camera experience in its smart devices, and this acquisition should help it in those pursuits. Terms of the acquisition were not made public. The deal should close by the end of the third quarter.
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