Nokia To Sell Digital Health Business To Withings Co-founder Éric Carreel

Mindy Sparks
May 2, 2018

It has not announced how much Carreel will be paying for its digital health assets.

Nokia has confirmed that it's selling its digital health unit to Withings cofounder Éric Carreel as part of its shift away from the consumer technology realm.

Nokia said it plans to sell its small digital health business, including activity trackers and smartwatches, to a co-founder of the venture.

An agreement is expected to be struck by the end of Q2 2018 when other information, such as the pricing of the deal, will likely be more readily disclosed.

Nokia originally bought Withings to take on Apple's HealthKit, in what seemed at the time like a lucrative consumer market that could crossover to the business-oriented health industry. It did not give an indication of the sale price.

Nokia paid 170 million euros ($204 million) for Withings but past year wrote down 141 million euros of goodwill on it. However, given that the Digital Health division posted revenues of around €52 million a year ago, the resulting amount could be a drop in the bucket compared to the €23.2 billion in sales achieved by all other divisions for the same period. They have fallen 7 percent in the past 12 months on weak global demand for network equipment.

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