Nokia says it is negotiating with Eric Carreel, co-founder and former chairman of Withings to sell its digital health business.

Nokia Corp. appears to have a new buyer for its digital healthcare business.

In a short statement devoid of much detail, Nokia says it is negotiating with Eric Carreel, co-founder and former chairman of Withings to sell its digital health business. Terms of the deal haven’t been announced, especially any sales price.

Nokia says it does expect the deal to close sometime in the second or third quarter but pending final negotiations and regulatory approval.

 Nearly two years ago, Finnish telecommunications and information technology company Nokia was seeking new opportunities in digital healthcare after cashing all the way out of the cell phone manufacturing business.

In May 2016, Nokia acquired French consumer electronics and wearable device manufacturer Withings SA for 170 million euros ($196 million) in cash.

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But after disappointing results, Nokia announced yesterday that the manufacturer is undertaking a strategic review of its digital healthcare business with options that include a sale of its health wearables unit. “The strategic review of the digital health business may or may not result in any transaction or other changes,” the company says.

Nokia’s digital health business includes smart watches, scales and digital health devices that are sold to consumers and companies. Nokia acquired Withings for its expertise in manufacturing wearable and wireless health and wellness devices that include an activity tracker, watches, wireless blood pressure monitors and weight scales and thermometers.

Withings also had a business unit with expertise in mobile and cloud-based health data collection and analysis. Using its wearables hardware and data collection services, Withings builds health and wellness portals for tracking employee fitness. Withings’ clients have included drug maker Norvartis International AG, business software developer SAP SE and computer, data storage and cloud computer services company EMC Corp., Nokia says.

Nokia’s digital health business includes hybrid smart watches, scales and other devices.

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