To those that do not know about Vertu, below is a short description of Vertu; Vertu is a British manufacturer and retailer of luxury, handmade mobile phones established by Finnish mobile-phone manufacturer Nokia in 1998.
The Vertu phones are exclusively for the rich and gilded, with handsets regularly retailing for several thousand dollars. Vertu is a luxuriously made phone.
According to the news source, “This is the third time the company has changed hands in 5 years” The Vertu phone now has a new owner and it is being bought by a Turkish exile company.
Vertu was Founded by Nokia in 1998, it was sold in 2012 to private equity firm EQT VI for an unspecified amount. Four years later, it was sold again, this time to the Hong Kong-based Godin Holdings.
This dalliance lasted for just eighteen months before Baferton sunk its teeth in. Vertu is in a precarious financial position, having struggled to turn a profit for years.
The Luxury phone maker ‘Vertu’ has been confirmed and sold for £50 million to exiled Turkish businessman and Baferton is headed by a Turkish businessman Hakan Uzan – a man who, according to The Daily Telegraph, has a rather murky history.
Let’s take some steps into the Turkish businessman named Hakan Uzan. During the 1990s the Uzan family borrowed money from Nokia and Motorola to launch a mobile network called Telsim. But things quickly went awry.
And then in 2002, Hakan Urzan was found in contempt of court after he failed to appear at a hearing in relation to the charges, for which he was sentenced to 15 months in absentia.
As a result of their sudden loss of financial standing, Hakan and his brother Cem were sued by now-US President Donald Trump, after they backed out of a deal to buy apartments in Trump Tower.
Since then, the Urzan family has lived outside of the country, having received political asylum in France. It’s not clear why Urzan bought Vertu. The company has traded hands several times in the past decade.
Source: Telegraph
