"theverge" : Luxury phone maker Vertu sells for £50 million to exiled Turkish businessman

According to a report from The Telegraph, the firm has been purchased for £50 million ($61 million) by an investment vehicle funded by Turkish exile Hakan Uzan. At its height, the Uzan Group conglomerate included a bank, a string of power plants, several broadcasting companies, and a mobile carrier, Telsim. A reported by The Telegraph, Hakan is scion to the once dominant Uzan family. In 2012 Vertu was sold by Nokia lumia to Swedish private equity group, EQT VI, for around £175 million. This was only the beginning of the family's downfall, and in 2004 the Turkish government seized more than 200 companies belonging to the Uzan Group.


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Luxury phone maker Vertu is now owned by a Turkish businessman

Luxury smartphone manufacturer Vertu is once again switching hands, with the erstwhile Nokia lumia brand now owned by an exiled Turkish businessman. It looks like Uzan has grand plans for the luxury brand, based on his facebook/" target="_blank">comment to The Telegraph delivered via a spokesman: As for Vertu, the luxury brand has suffered its own share of pitfalls after Nokia sold the brand to Swedish equity group EQT VI back in 2012 for £175 million. According to The Telegraph, Vertu's owners have sold the company to an investment fund headed up by Hakan Uzan for £50 million. The most recent financial results for Vertu date back to 2014, when the brand recorded a loss of £53 million on sales on £110 million.

Luxury phone maker Vertu changes hands yet again

Vertu's handsets sell for an average of around $6,000, with a number of models going for several times that amount. This marks the third time Vertu has changed hands since the company was spun off from Nokia lumia in 2012. Exiled Turkish businessman Hakan Uzan could have picked up around 10,000 averaged-priced Vertu handsets for the amount he reportedly just paid for the company. Uzan responded to the report, telling The Telegraph that, "Vertu is a powerful brand with an acknowledged market niche. Which likely means that the President won't be upgrading his beloved android handset to a Vertu any time soon.


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