[Techtaffy Newsdesk]

Nokia has agreed terms for EQT VI, part of the private equity group in Northern Europe, to acquire Vertu, the luxury mobile phones outfit of the Finnish handset giant. The transaction, the terms of which are confidential, is expected to close during the second half of 2012, subject to customary regulatory approvals and closing conditions. Nokia will retain a 10 per cent minority shareholding in Vertu.

Vertu is headquartered in Church Crookham, UK and employs approximately 1,000 people worldwide.