Nokia is reportedly in discussions to sell its independently-run premium handset division Vertu as it loses patience with the sector.
It is hoping to recoup around $200 million (£123.4 million) for the UK-based firm that was created in 1998 in order to cater to the luxury goods market, according to the Financial Times.
Strategy Analytics stated that Vertu still owns the majority of the global hyper-premium handset market and as a result is an asset that they would have liked to have kept hold of had circumstances for the company had been different.
The first quarter of 2012 is the first time since Vertu was launched that Nokia lost its position as the world's number one mobile phone maker in terms of volume.
"While Vertu still has some value, not least its database of affluent customers, patience isn’t a luxury Nokia can currently afford, it seems," the firm stated in its blog.
Posted by Peter Robinson