To bolster its venture into digital health products, Nokia said that it plans to acquire Withings for $191 million.
(CCM) — On Tuesday, Nokia announced its plan to buy French consumer electronics company Withings S.A. With this acquisition, Withings will be part of the Nokia Technologies business. "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 and CEO of Nokia, in a statement on the acquisition plans. Ramzi Haidamus, President of Nokia Technologies, added, "Withings shares our vision for the future of digital health, and their products are smart, well designed, and already helping people live healthier lives."
In a separate announcement on the acquisition plans, Withings' CEO Cédric Hutchings said that he believes that, together, Withings and Nokia "can truly transform the world." From the beginning, Withings has looked to create "smarter products for healthy living," said Hutchings. He added, "The Nokia vision of creating beautifully designed products that blend seamlessly into the everyday lives of real people echoes exactly the same sentiment; we have a solid shared ground to build on." Nokia impressed Withings with its plans for Preventive Health and Patient Care, and the companies look to get started on their joint work as soon as the deal closes. The planned deal is expected to close early in the third quarter of 2016, but is subject to regulatory approvals and customary closing conditions, which could delay the acquisition. If approved, the transaction values Withings at €170 million, or roughly $191 million.
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