Nokia will sell its health-tech division back to co-founder Éric Carreel, the company announced on Wednesday.
Terms of the deal were not disclosed, but it’s likely that Nokia sold the division at a loss.
The company acquired Withings, which it later rebranded to Nokia Health, in 2016 for $191 million USD.
Problems quickly ensued, however.
In 2017, Nokia announced a write-down of €141 million related to the assets it had acquired through Withings.
Just months later, in an internal memo obtained by The Verge, a Nokia executive wrote the company “didn’t see a path forward” in terms of the division becoming “a meaningful part” of Nokia’s business.
Moving forward, Nokia says it plans to focus on becoming a business-to-business and licensing company.