Nokia is reportedly looking to sell its luxury brand Vertu to a private equity group for about 200 million euros, or about $265 million.
The once-dominant cell phone maker is in advanced negotiations with Permira to unload the U.K.-based subsidiary, which is best known for offering Financial Times reported today (subscription required). Goldman Sachs was reportedly advising on the sale., the
Following a similar move by Fitch Ratings last week, Standard & Poor's on Friday for the Finnish mobile phone maker to "junk." The weaker rating reflects a lower estimate for sales from Nokia's handset division this year along with a revised forecast on profits and cash flow.
Earlier this month Nokia reported aas its Symbian phones continue to shed market share. The company has been hedging its bets on its new Windows Phone-based Lumia handsets, but sales have yet to take off on a global scale.
Earlier this year, the luxury phone makerto welcome the Year of the Dragon, complete with precious stones and top-grade metals, plus a hand-engraved four-claw dragon on the battery cover.