• Financial Times, Thursday, December 8, 2011 10:41 AM

Nokia is to sell Vertu, its 13-year-old luxury subsidiary that makes mobile phones that can cost upwards of $314,000 grand, as part of an overhaul to compete with Apple and other smartphone makers.

Nokia has appointed Goldman Sachs to oversee the sale, which one person familiar with the process said was still at an early stage. Vertu has yet to be given a value, although annual revenue is estimated to be between €200m and €300m ($268m and $402m, or the cost of something over 1,200 of its most expensive phones). There are outlets selling Vertu phones in more than 60 countries, including dedicated shops, although the phones are seen to have the strongest following in Russia, Asia and the Middle East.

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