SNR Denton advises Nokia on global sale of its luxury mobile phone division
16 Oct, 2012
SNR Denton has advised Nokia on the divestment of its worldwide Vertu luxury phones to Scandinavian private equity house EQT.
UK-based Vertu is an independently managed luxury subsidiary launched by Nokia in 1998 to tap into growing demand for luxury items, particularly in the Middle East and Asia. The phones are made by hand, and can cost more than £200,000 due to the precious metal components. As part of the transaction, approximately 1,000 employees transferred with Vertu. Nokia retains a 10% minority shareholding in Vertu.
This deal adds to a number of M&A transactions completed for Nokia by SNR Denton over recent years, including numerous deals involving the Symbian operating platform, as well as the sale of a global consulting business to Accenture.
The sale involved lawyers from SNR Denton’s UK, US, Middle East and Asian offices. The team was led by Partner Richard Macklin, assisted by Baljeet Panesar and Edward Nisbet. SNR Denton advised alongside Goldman Sachs. Citibank and David Walker, James Barlow and Oliver Nip of Clifford Chance acted on behalf of EQT.
Pictured: A Nokia phone ( not a Vertu model).