Nokia is in advanced talks to sell its UK-based luxury brand Vertu to private equity group Permira, The Financial Times reported citing sources familiar with the matter.

If the sale goes through, Nokia might raise some €200 million ($265 million).

Nokia got slapped twice last week as first Fitch, and then Standard & Poor’s, downgraded their credit ratings of the technology giant to ‘junk’ status. Unsurprisingly, Nokia remains defiant, pointing to its large cash balance as an indication of its ability to weather the current storms, as it works towards establishing its Lumia Windows Phones in a fiercely competitive marketplace, Neowin.com notes.