Nokia Sells Luxury Phone Unit To EQT In Cost-Slashing Push

Law360, New York (June 14, 2012, 3:18 PM EDT) -- Struggling Nokia Corp. said Thursday it will hand over its Vertu high-end mobile phone manufacturing business to Swedish private equity firm EQT, kicking off a massive cost-slashing effort that will involve shedding noncore assets and eliminating 10,000 jobs.

While Vertu, which is independently run and based in the U.K., has posted double-digit sales growth over the past few years, its parent has fought to stay profitable under the weight of smartphone heavyweights Apple Inc. and Google Inc. The parties did not disclose the Vertu deal's financial...
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