Nokia Deal to Sell Vertu Luxury Phone

Nokia is nearing a deal to sell its Vertu luxury-phone unit to Swedish private equity firm EQT Partners as it divests assets as part of a turnaround plan. England based Vertu is known for its jewel-bedecked mobile phones that sell for an average price of more than £5,000. Nokia is betting on a software partnership with Microsoft to rebuild its cachet in the critical North American market, where it has struck deals with carriers AT&T and T-Mobile USA to sell its flagship Lumia Smartphone.

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