Nokia to sell its line fit automotive business

Nokia (www.nokia.com) has agreed to sell its line fit automotive business to novero GmbH (www.novero.com), a new company formed by Razvan Olosu, the former head of Nokia's Enhancements unit, and Equity Partners GmbH (www.eqpa.de/), a German private equity firm that focuses on the acquisitions of companies in the lower mid-market in Germany.

May 22, 2008

Nokia has agreed to sell its line fit automotive business to novero GmbH, a new company formed by Razvan Olosu, the former head of Nokia's Enhancements unit, and Equity Partners GmbH, a German private equity firm that focuses on the acquisitions of companies in the lower mid-market in Germany.

The transaction would enable continuance of the employment for approximately 240 employees of the line fit automotive business in Bochum, Dusseldorf and Detroit. The deal is expected to close in June.