Nokia (NOK) May Get Less Luxurious with Asset Sale Looming
Tweet
Share
E-mailGet Alerts NOK Hot Sheet
Up)Join SI Premium – FREE
Nokia (NYSE: NOK) shares have just opened lower Monday despite reports the company might be in talks to sell its luxury Vertu unit.
According to Bloomberg and the Financial Times, Nokia and private-equity group Permira might in in talks for U.K.-based Vertu. The deal might raise as much as €200 million (about $265 million) for Nokia, a boon for a company which recently had its credit rating cut to "junk" by S&P last week.
The step seems logical for Nokia, which said it would sell non-core assets while focusing more on lower-cost smartphones as well as gaining broader exposure in emerging markets like Africa and India.
Goldman Sachs is said to be advising in the sale.
Earlier in the session, RBC downgraded Nokia to Sector Perform.
According to Bloomberg and the Financial Times, Nokia and private-equity group Permira might in in talks for U.K.-based Vertu. The deal might raise as much as €200 million (about $265 million) for Nokia, a boon for a company which recently had its credit rating cut to "junk" by S&P last week.
The step seems logical for Nokia, which said it would sell non-core assets while focusing more on lower-cost smartphones as well as gaining broader exposure in emerging markets like Africa and India.
Goldman Sachs is said to be advising in the sale.
Earlier in the session, RBC downgraded Nokia to Sector Perform.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nokia slightly down as Q1 profit growth fails to meet consensus; outlook unchanged
- FTC Preparing to Sue to Block Tapestry's (TPR) Takeover of Capri (CPRI) - NYT
- Exclusive-Bentley Systems explores options amid takeover interest, sources say
Create E-mail Alert Related Categories
Mergers and Acquisitions, RumorsRelated Entities
Standard & Poor's, PermiraSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
