Nokia Plans to Acquire Withings

Nokia is to acquire Withings S.A. to enter into the health and fitness technology segment of the IoT, which the firm expects to grow by 37% per year from 2015-2020. The deal values Withings at €170 million (to be paid in cash) and is expected to be closed in Q3, 2016 subject to regulatory approvals and customary closing conditions. Nokia believes that Withings’ business “will also ensure the ongoing renewal of Nokia Technologies’ world class [patent] portfolio”.