Nokia has announced today that it has completed the divestment of its Vertu brand, the division of the company known for gold-plated phones with average specs and such, to the EQT VI fund.

Announced in June, the deal sees the troubled Finnish firm hold on to a 10% stake in Vertu. One thousand employees are to transfer over to the new firm. Private equity ground Permira had previously been reported to be involved in talks to acquire the division. The move is part of Nokia’s restructuring process, which will see 10,000 employees let go by the end of next year.

Vertu’s current offerings include handsets with diamond-encrusted trims, semi-matt finish black leather, and even one that boasts “white semi-matt alligator skin.” Cheap and cheerful these are not.

Additionally, Vertu offers dedicated content on its handsets, such as city guides aimed at the wealthy folk who put down cash for them, and a network of dedicated service centres.

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