Nokia Oyj (NOK1V) is nearing a deal to sell its Vertu luxury-phone unit to Swedish private-equity firm EQT Partners AB as it divests assets as part of a turnaround plan, according to two people with knowledge of the matter.
The transaction values Vertu at about 200 million euros ($250 million), said one of the people, declining to be identified as the talks are private. A deal could be announced as early as this week, another person said. Church Crookham, England-based Vertu is known for its jewel-bedecked mobile phones that sell for an average price of more than 5,000 euros.
Nokia is selling assets as Chief Executive Officer Stephen Elop seeks to revive a mobile-phone business that’s been devastated by competition from devices running software from Google Inc. (GOOG) (GOOG) and Apple Inc. (AAPL) (AAPL) The Espoo, Finland-based company is betting on a software partnership with Microsoft Corp. (MSFT) (MSFT) to rebuild its cachet in the critical North American market, where it has struck deals with carriers AT&T Inc. (T) (T) and T-Mobile USA to sell its flagship Lumia smartphone.
“Vertu is a bet on a very specific, niche market, though it’s a niche that’s growing,” said Francisco Jeronimo, an analyst at researcher IDC in London. Its new owner will face the challenge of modernizing Vertu devices’ technology, which has until now been largely based on Nokia’s obsolete Symbian operating system, to compete with devices like Apple’s iPhone, he said.
Multilingual Hotline
Representatives at Nokia, EQT and Vertu declined to comment.
Vertu, started by Nokia’s then-chief designer Frank Nuovo in 1998, is the dominant player in the luxury-phone sector, with about 60 percent of the Western European market in 2010, according to IDC.
The unit has sought to stand apart from rival offerings like Research In Motion Inc. (RIMM) (RIMM)’s Porsche-branded BlackBerry devices with its “concierge” service, a 24-hour, multilingual hotline that assists clients with requests ranging from restaurant reservations to sourcing esoteric gifts.
Luxury phones have been a rare bright spot for Nokia, whose shares have declined almost 40 percent this year, the worst performance in the 27-company Stoxx 600 Technology Index (SX8P), which was up 0.8 percent. The shares rose 0.2 percent to 2.26 euros in Helsinki yesterday, valuing the former global handset leader at about 8.5 billion euros.
Vertu, which doesn’t disclose its earnings publicly, saw “high double-digit sales growth” in 2010 and 2011, driven largely by demand from emerging markets in Asia and the Middle East, President Perry Oosting said in September. The unit operates more than 80 retail stores in locales like Beverly Hills’ Rodeo Drive and Paris’s Rue Royale.
The Vertu deal would be Stockholm-based EQT’s second acquisition this month. The buyout firm yesterday announced the purchase of BSN Medical that values the German bandage supplier at 1.8 billion euros. EQT, which is partly owned by Sweden’s Wallenberg family, in October raised 4.75 billion euros from investors for a new buyout fund focused on Northern and Eastern Europe.
To contact the reporters on this story: Matthew Campbell in London at mcampbell39@bloomberg.net; Adam Ewing in Stockholm at aewing5@bloomberg.net; Anne-Sylvaine Chassany in London at achassany@bloomberg.net
To contact the editors responsible for this story: Kenneth Wong at kwong11@bloomberg.net; Jacqueline Simmons at jackiem@bloomberg.net
Here she comes! Cheryl Cole announces dates for her FIRST solo UK tour - Daily Mirror
Cheryl fans may struggle to contain their excitement after it was announced the singer will embark on her first solo UK arena tour.
It's been a good week for Cheryl who wowed Wembley at the Summertime Ball and her new single Call Me Name when straight to No.1 within hours of release on iTunes, clocking up record breaking sales.
Now it has been confirmed that the Fight For This Love singer will tour the country and Ireland for the first time as a solo artist.
Cheryl will play eight shows in October, including the O2 Arena and a homecoming at the Metro Radio Arena in Newcastle.
She opened as a special guest for the Black Eyed Peas European tour in 2010 and played four sold-out arena tours as part of Girls Aloud.
She's one of the most exciting performers in music and will be performing songs from previous albums 3 Words and Messy Little Raindrops, as well as new material from the much awaited A Million Lights which will be released June 18.
There will plenty of surprises in store for fans who can purchase tickets from 9am on June 15 at Live Nation.
Can't wait until October to get your Cheryl fix? Read more below.
"Cheryl Cole is losing her touch": Desperate star adds nothing to the nation and it's time she went away: Read Mirror Online's guest columnist Fleet Street Fox brutal opinion on Cheryl.
Cheryl Cole pointless and unworthy of Prince Harry? She’s the perfect modern day celebrity and would blow Kate Middleton out of the water: Sunday Mirror celebrity columnist Dean Piper bit back at the Fox with his praising verdict of Queen Chez.
CHERYL COLE TOUR
6 Oct Capital FM Arena, Nottingham
7 Oct 02, London
9 Oct Motorpoint Arena, Sheffield
11 Oct Echo Arena, Liverpool
12 Oct LG Arena, Brimingham
13 Oct Manchester Arena,
15 Oct SECC, Glasgow
17 Oct Metro Radio Arena, Newcastle
Nokia to provide incoming Seton Hall University freshman with Lumia 900 - YAHOO!
Seton Hall University provides Nokia Lumia 900 to incoming freshmen
Nokia‘s Windows Phone smartphone on AT&T extends the Academic Learning Environment
Orlando, FL – Nokia, AT&T, Microsoft and Seton Hall University announced today a step forward in Seton Hall’s Mobile Computing Initiative, whereby all incoming freshmen will receive a Nokia Lumia 900 each for extensive use across the University. The entire class of 2016 will receive a Nokia Lumia 900 powered by the Windows Phone 7.5 operating system, to support the university’s mission of providing state of the art technology tools to enhance the student experience and prepare students for success in a rapidly changing world.
Since 1997, Seton Hall has provided mobile technology to its students and faculty to support the integration of technology into the curriculum. Enhancing the University’s philosophy of open-ended exploration, students discover new opportunities for learning with mobile computing, sharing ideas and collaborating with peers and faculty while learning how to utilize technology effectively in their academic professional and personal lives. Mobile technology provides a means of enhancing all aspects of university life, and encourages students to engage with each other and the university community from orientation through graduation.
“Nokia has a long history of innovation and their partnership with Microsoft allows us to extend the core academic and community resources of the University into the pocket of our students,” noted David Middleton, Executive Director, Center for Mobile Research and Innovation, and Assistant Vice President of Administration at Seton Hall University. “By providing our new incoming students with the Nokia Lumia 900, Seton Hall University can expand our existing Windows services and infrastructure while providing a unique, high quality, dynamic and engaging mobile experience.”
All Seton Hall students have access to SHUmobile, an app available across multiple platforms that provides access to campus news feeds, directories and maps. However, Seton Hall freshmen will have access to a custom Freshmen Experience component of this app exclusive to the Lumia 900. This personalized element adds customized social media integration and direct communication channels with their freshmen peers, peer academic advisors, housing information and roommates. Additionally, the University will leverage Nokia Data Gathering, recently made available for Windows Phone, to communicate with the incoming freshmen beginning this summer by conducting polls, providing information to help students prepare for college and to learn how the Lumia 900 and other technologies are being used.
“Mobile technology has become ubiquitous and pervasive, but we are just beginning to understand the breadth of its impact across campus. Smartphone use in higher education has tended to rely on finding a specific app to fulfill a specific curricular purpose. With the close collaboration between Nokia and Microsoft on the Lumia 900, the phone itself takes center stage” added Michael Taylor, Academic Director, Center for Mobile Research & Innovation.
Professor Taylor explains that the seamless integration of core academic tools such as Microsoft Office increases the opportunity for faculty and students to connect, collaborate, and create. The synthesis of Windows Phone features and Lumia 900 hardware are a natural enhancement to the University’s commitment to teaching and learning with technology. Utilizing AT&T’s 4G network, these partnerships will help foster new opportunities for learning, content creation and experimentation. Teaching and learning can now take place not just in the classroom but virtually anywhere, providing a more engaged and integrated learning experience.
Nokia provides the business market with a portfolio of compelling, high-quality devices at every price point that meets the needs of people both as consumers and business users. With business productivity tools and applications to ensure that business decision makers and employees have access to the information they need within the framework of a well-governed IT environment and an ecosystem of partners and providers, Nokia ensures the long-term viability of businesses’ IT investments.
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