SNR Denton and Clifford Chance called in on Nokia sale of luxury phone brand to EQT
SNR Denton and Clifford Chance (CC) have scored lead roles on a deal that has seen Nokia sell its luxury mobile phone brand Vertu to Swedish private equity house EQT.
October 25, 2012 at 07:03 PM
2 minute read
SNR Denton and Clifford Chance (CC) have scored lead roles on a deal that has seen Nokia sell its luxury mobile phone brand Vertu to Swedish private equity house EQT.
The Finnish mobile communications company will retain a 10% stake in Vertu, its independently managed subsidiary, which was launched in 1998. The deal is reportedly worth around $250m (£155m), although exact financial details were undisclosed.
SNR Denton was instructed by longstanding client Nokia, with the firm fielding a team comprising corporate partner Richard Macklin, banking and finance partner Catherine Astruc, technology and sourcing partner Dan Burge and real estate and retail partner Roland Gray.
Meanwhile, CC took the lead role for EQT, with a team led by global private equity head David Walker. M&A corporate partner Amy Mahon led the team advising on equity matters, while banking and finance partners Alan Inglis and Taner Hassan assisted on debt issues, with partner Andre Duminy advising on technology, media and telecoms aspects of the deal.
Vertu phones are made by hand in the UK, with the most expensive handsets costing as much as £200,000.
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