Luxury smartphone maker Vertu has been sold by Swedish equity group EQT to Hong Kong based fund Godin Holdings and other “international private investors,” according to the Financial Times (FT).

EQT announced it had sold the UK-based company two weeks ago, but said in a statement the parties involved had agreed “to keep the transaction details undisclosed”.

Vertu, which produces smartphones comprised of precious metals, leather casings and sapphire screens, was acquired by EQT for $200 million in 2012 from Finnish vendor Nokia, which still retains a small stake, after founding the company in 1998.

As a result of the deal, the FT reports Vertu CEO Massimiliano Pogliani will also step down after three years at the helm.

Vertu has reportedly sold 450,000 devices worldwide so far, after shipping its first phone in 2002, with each device selling at an average price of approximately £5,000 based on last year’s figures.

The cost of its most expensive handsets can reach in excess of £200,000.

The move by Godin is seen as a sign of the growing popularity of niche luxury brands in Asian markets.

In EQT’s statement, Caspar Callerstron, a partner at the company, said: “We believe Vertu is operationally stronger today with a leading position in the luxury market. Vertu is now ready to take the next step in its development together with a new owner.”