Nokia to buy Withings for £131m

Nokia's plan to accelerate into digital health sector...
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Nokia to buy Withings for £131m

Time to invest in wearables

Following Microsoft’s purchase of Nokia’s smartphone sector in 2013, the shared understanding was that we wouldn’t be hearing much from the Finnish firm again. How wrong we were.

After a brief hiatus, Nokia is back in the headlines, with the acquisition of digital health and wearables company, Withings. Nokia is clearly excited to get back in the game, commenting that the purchase would be “a new chapter” for the company, which will be led by Withings CEO, Cédric Hutchings.

"We’re excited to join Nokia to help bring our vision of connected health to more people around the world.” said Hutchings.

A new start

The French company, founded by Eric Carreel in 2008, has 200 staff and produces a range of award-winning products including smartwatches, smart thermometers, fitness wearables, and air monitors.

Nokia’s president, Rajeev Suri, said: "We have said consistently that digital health was an area of strategic interest to Nokia, and we are now taking concrete action to tap the opportunity in this large and important market."

Reports suggest that the sale of £131m will be settled in cash towards the third quarter of this year, although the companies are still seeking approval from regulators.

Source: Nokia press release

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