Nokia to Acquire Withings for $191 Million

Nokia has today announced that it has plans to acquire Withings — the health and fitness wearables company based in France. With this acquisition, Nokia plans to “accelerate [its] entry into Digital Health”, according to the press release.

“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,” said Rajeev Suri, president & CEO of Nokia. “With this acquisition, Nokia is strengthening its position in the Internet of Things in a way that leverages the power of our trusted brand, fits with our company purpose of expanding the human possibilities of the connected world, and puts us at the heart of a very large addressable market where we can make a meaningful difference in peoples’ lives.”

Withings is known for its products such as Activité the analog watch with a fitness tracker inside, Pulse activity trackers, Smart Body Analyzer and weighing scales, Home baby monitoring system, etc.

The acquisition values Withings at €170 Million and Nokia expects to close the deal in early Q3 2016.