Nokia to hive off Vertu unit

Cellphone maker Nokia is in talks to sell its UK luxury subsidiary Vertu, which hand makes some of the world’s most expensive mobile phones.

Earlier the Financial Times reported that talks with private equity group Permira were at an advanced stage on a possible sale which would raise about €200 million.

Vertu’s cellphones can feature crystal displays and sapphire keys, costing more than £200,000 due to the precious metal components.