After due considerations, Nokia has finally decided to sell off its digital health business. Two months ago, there were speculations that the company is taking an appraisal of its digital health business and it may be forced to sell it. The Nokia brand is still recovering from near extinction thus it doesn’t have the luxury to go into liability investments. Nevertheless, this business wouldn’t be going too far, it will be sold to Nokia’s digital health company co-founder, Eric Carreel.
In 2016, Nokia acquired Withings for US$191 million but nothing has been said of its current value. Nokia’s digital health business includes smartwatches, smart scales, and digital fitness equipment, most of which was originally developed by Withings. Currently, Nokia is conducting exclusive negotiations with Carreel. The company said that the sale transaction depends on the negotiated terms and the time for the Nokia Technology (France) Working Committee to complete the informal consultation. It is expected that the transaction will be completed by the end of the second quarter of this year.
Nokia’s digital health business is part of Nokia’s technology division. The authorized business of Nokia Technology Department will not be affected by the transaction. Earlier reports said that Google, Samsung Electronics had bid for Nokia’s digital health business.