Who owns Vertu

Until the middle of this year, Vertu was owned by Nokia, a Finnish concern producing various telecommunication equipment, among the of which mobile phones occupy the lion’s share. The luxury phone company was a separate division with its head office in England. It was founded 14 years ago by Frank Nuovo, chief designer of Nokia concern. However, in recent years, the Finnish concern, like many mobile communications manufacturers, has become financially difficult. They forced the search for extra funds even through massive cuts in workers at Nokia plants around the world. At the same time Vertu mobile phone production continues to grow steadily and it is a division of the Finnish concern – one of Nokia’s most liquid assets.

In 2011, Nokia decided to correct its financial position by selling a larger stake to Vertu. The search and lengthy negotiations led to an agreement with Swedish investment firm EQT Partners AB in the summer of 2012. The official buyer of 90% of Vertu’s assets was one of 14 EQT Partners funds with the name EQT VI. The Swedish concern was founded relatively recently – in 1994 – and is intended to invest the money of a group of private investors in transactions to buy or repurpose medium and large productions. The transactions known so far were carried out in Europe, the United States and China, and the amounts the Swedish fund invested in them alone or with other partners were not below the level of 50 million euros. As a rule, after the acquisition of a company, a representative of the new owner is included in its managing body, and changes are made to the policy of the enterprise. It has been revealed that EQT Partners plans to put extra money into developing new Vertu phone models and expanding the retail sales network.

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