Nokia is snapping up Withings for a cool $191 million

One of the pioneers of the wearable tech industry is about to be snapped up by Nokia. The acquisition, estimated at €170 million, will significantly boost the Finish technology giant’s portfolio of wearables and fitness devices.

The purchase represents a strategy correction from Nokia, as the company continues to find its way after selling its mobile phone division to Microsoft two years ago. The planned transaction does not represent  much of a surprise, as Nokia has said that it was looking to branch out into health and wearables, as well as the internet of things.

“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, 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 the creator of a wide portfolio of wearable devices and high tech gadgets. This includes its stylish Activite range of watches, the recently announced E Ink tracker and thermometer, along with its connected range of products that include smart scales, a air quality detecting camera, sleep system and blood pressure monitor.

“Since we started Withings, our passion has been in empowering people to track their lifestyle and improve their health and wellbeing,” said Cédric Hutchings, CEO of Withings.

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

Essential reading: Which Withings fitness tracker is right for me?

The news follows on the heels of a number of deals in the wearables space over the past year or so. This includes Under Armours trio of purchases (MapMyFitness, Endomondo and MyFitnessPal), as well as buys from Asics (Runkeeper), Fossil Group (Misfit), Adidas (Runtastic) and Intel (Basis Science).

Company Buyer Date announced Price
Basis Intel March 2015 undisclosed
Endomondo Under Armour January 2015 $48 million
My Fitness Pal Under Armour February 2015 $475 million
Misfit Fossil Group November 2015 $260 million
Runkeeper Asics February 2016 undisclosed
Withings Nokia April 2016 $191 million

The latest acquisition will be settled in cash and is expected to close in early Q3, 2016 subject to regulatory approvals and customary closing conditions.

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