Nokia today announced plans to sell its Digital Health business to Éric Carreel, co-founder and former chairman of Withings.
Nokia announced a review of strategic options for the Digital Health business in February 2018. The planned sale is part of Nokia’s honed focus on becoming a business-to-business and licensing company.
The transaction is subject to terms agreed in the negotiations and completion of the information consultation with the Works Council of Nokia Technologies (France) SA., with the deal expected to close in late Q2 2018. The Digital Health business brought in just €16 million ($20 million) in revenue, compared to net sales of €4.9 billion ($5.9 billion) for the rest of Nokia.
Digital Health’s business portfolio includes consumer and enterprise products, and it manufactures and sells an ecosystem of hybrid smart watches, scales and digital health devices to consumers and enterprise partners.
The licensing businesses of Nokia Technologies are not affected by this announcement. Nokia says the sale is expected to be completed by the end of the second quarter this year, while the future of the Withings brand is unknown.