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The Luxury phone manufacturer Vertu which was founded by Nokia has acquired by the British-based Turkish businesses man Hakan Uzan. According to the latest reports, the famous mobile brand was owned for £50 million (Rs. 402.65 crores roughly).

Vertu, which offers the premium smartphones costing up to $40,000 now acquired by the Hakan Uzan, a funded vehicle from Godin Holdings. As per the results, the smartphone manufacturer is now owned by the Uzan along with his other family members, who has been in notable controversies.

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Hakan Uzan’s family accused of fraud for borrowing money from Nokia and Motorola in the year 1990 in order to set up the mobile operator named Telsim. Due to financial troubles with dot com crash they were accused of not paying the loan amount back. It was then sold off in the year 2012, and from then it subsequently bought and sold several times.

“Vertu is a powerful brand with an acknowledged market niche,” Hakan Uzan told The Daily Telegraph via spokesperson about the acquisition. “I look forward to working with the team and contributing the investment to enable it to realize its full potential.”

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However, Vertu has seen a change in ownership frequently over the last few years. Godin Holdings purchased the company from EQT (private equity firm), which paid EUR 175 million to Nokia. Vertu is popular in making phones with titanium screens, sapphire screens and leather cladding.