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Nokia in advanced talks to sell luxury Vertu unit

Mobile phone maker Nokia is in advanced talks to sell its UK subsidiary Vertu to private equity group Permira, the Financial Times reported.

Nokia, which last week had its credit rating cut to "junk" status by ratings agency Standard & Poor’s, will raise about EUR200 million (USD265m) from a potential sale, the FT said in a piece published on its website on Sunday.

People familiar with the talks were cited as saying Goldman Sachs was advising to oversee the sale, but said the outcome was not yet certain.