Nokia acquired French digital health company Withings in June 2016 and it then became a part of the Finnish company and was rebranded as Nokia Health. The company has struggled to find a direction for its digital health division since then but to no avail. It then decided to sell it and reports suggested that Nokia may end up selling the division back to Withings co-founder and former chairman Éric Carreel. That’s precisely what it has done now.
Nokia announced in February this year that it had started a review of strategic options for the business which basically meant that the company was actively looking for a buyer.
It confirmed earlier this month that it was exclusively negotiating a sale of the division with Withings co-founder Éric Carreel. Nokia announced today that it has officially closed the sale of its digital health business to the co-founder of Withings.
Nokia says that the sale is part of its focus on becoming a business-to-business and licensing company, which means that it doesn’t want to participate in the consumer market anymore. Nokia has already offloaded its smartphone division and licensed its brand to HMD Global so it’s firmly out of the consumer market now.
Financial terms of the deal, which brought the digital health business full circle, have not been revealed.