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Nokia set to sell Withings back to its founder

Having indicated it wanted to get out of the digital health game earlier this year, Nokia is selling Withings back to the bloke it bought it from.

Scott Bicheno

May 2, 2018

2 Min Read
Nokia set to sell Withings back to its founder

Having indicated it wanted to get out of the digital health game earlier this year, Nokia is selling Withings back to the bloke it bought it from.

Éric Carreel is one of the founders of Withings and he seems to have held on to much of the cash he trousered when Nokia bought his company two years ago for €170 million. Nokia isn’t revealing how much he’s buying it back for but, since it’s been on the market for 2-3 months it seems safe to assume he bought it back at a significant discount.

Nokia isn’t saying much about this clear strategic failure, which is understandable, merely reiterating the established party line. “The planned sale is part of Nokia’s honed focus on becoming a business-to-business and licensing company,” said the announcement. In other words, we got a bit carried away with diversification but now we’ve learnt our lesson. At the time the move seemed intriguing, given Nokia’s rich devices heritage, but that ship has clearly sailed.

There seems to be a fair bit of this kind of contrition about these days. Yesterday Cisco bailed on its video services business and Ericsson has been attempting a similar move with its TV efforts for a while. The current corporate fashion seems to be to double down on your core competence, which seems sensible.

What do you think?

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About the Author(s)

Scott Bicheno

As the Editorial Director of Telecoms.com, Scott oversees all editorial activity on the site and also manages the Telecoms.com Intelligence arm, which focuses on analysis and bespoke content.
Scott has been covering the mobile phone and broader technology industries for over ten years. Prior to Telecoms.com Scott was the primary smartphone specialist at industry analyst Strategy Analytics’. Before that Scott was a technology journalist, covering the PC and telecoms sectors from a business perspective.
Follow him @scottbicheno

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