The deal is expected to complete in the 2nd quarter of 2018
Finish mobile technology giant, Nokia, will sell off its Digital Health business unit, according to a company release.
The digital health business unit will be sold to Eric Careel, co-founder and former chairman of Withings, a company that Nokia acquired for €170 million in 2016.
"Nokia announced a review of strategic options for the Digital Health business in February 2018. The planned sale is part of Nokia’s honed focus on becoming a business-to-business and licensing company," Nokia said in a statement released to the press on Wednesday.
Nokia has not disclosed the amount it will receive for its Digital Health business unit.
Nokia;s Digital Health business unit comprises enterprise and consumer products, and sells smart health solutions, such as hybrid smart watches, scales and digital health services.
The deal is subject to terms and conditions laid out in the negotiations and completion of the information consultation with the Works Council of Nokia Technologies (France) SA.
Nokia expects the deal to complete in the coming months, before the end of Q2 2018.
Nokia’s shares dipped slightly to €4.95 per share following the announcement.