Vertu went for another transformation yet again. The company has seen a change in the ownership patterns yet again, changing hands from Nokia to a Chinese investor.
The luxury phone maker is known more for phones that are mostly high on glitter and glamour and less for high end technology. The luxury phone brand went through another major overhaul when it was sold to a Hong Kong-based investor called Godin Holdings including other private investors.
This is the just three years after being sold by Nokia to investment fund EQT VI. The deal has received the required approval of regulators.
Vertu may continue to keep it manufacturing plant in Hampshire, UK. The new deal also sees the parting of CEO Massimiliano Pogliani. Pogliani was appointed as head of Vertu in 2012 after the Nokia sale.
There are no details of the valuation of the deal as investors have not disclosed any details.In 2012, Nokia acquired a 90 percent stake in Vertu for allegedly $200 million, leaving 10 percent stake to other investors.
"We believe VERTU is operationally stronger today with a leading position in the luxury mobile phone market. VERTU is now ready to take the next step in its development together with a new owner," says Caspar Callerström, Partner at EQT Partners AB.