Nokia has agreed terms for EQT VI, part of the leading private equity group in Northern Europe, to acquire Vertu, the global leader in luxury mobile phones, from Nokia.

The transaction, the terms of which are confidential, is expected to close during the second half of 2012, subject to customary regulatory approvals and closing conditions. Nokia will retain a 10% minority shareholding in Vertu.

Nokia said  its believes that this is the best option for the next step in Vertu's journey of delivering excellence, enabling the brand to focus on increased opportunities for growth in the luxury category.

"With its strong brand, undisputed category leadership and attractive growth outlook, Vertu fits well with EQT VI's investment strategy. EQT VI is excited about the opportunity to develop Vertu as a standalone company and plans to drive the development of the luxury mobile phone category through significant investments in retail expansion, marketing and product development," said Jan Ståhlberg, Partner at EQT Partners, Investment Advisor to EQT VI.

Having delivered double digit sales growth over the past few years, Vertu continues to lead its class with a portfolio of high end mobile phones, increasingly led by its smartphones and tailored services, offering unique access, experiences and opportunities to a discerning and growing customer base.

"This is a logical next step in the evolution of Vertu as the world leader in luxury mobile products," said Perry Oosting, President of Vertu. "Since Vertu began in 1998, our business has grown every year, due to the efforts of our talented workforce and the unique products and services we offer to our customers. We believe that EQT VI will position Vertu to continue to grow and lead in our marketplace."

Vertu is headquartered in Church Crookham, UK and employs approximately 1,000 people worldwide.