NEW YORK (TheStreet) -- Nokia (NOK) - Get Report shares are up 1.16% to $5.67 Tuesday afternoon on the announcement that it closed the $191 million-acquisition of Withings, a French consumer electronics company focused on digital health, earlier than had been anticipated.
This comes about a month after the company announced its acquisition plans. Originally, it had projected the deal to close at the end of fiscal 2016 third quarter.
As a result of the acquisition, Nokia established a new digital health business unit led by Cedric Hutchings, former CEO of Withings.
"This is the beginning of an exciting new chapter in the history of Nokia Technologies as we extend our product portfolio to include a series of powerful digital health technologies," Nokia Technologies president Ramzi Haidamus said.
The new product line includes activity trackers, blood pressure monitors, and baby monitors.
Since selling its phone business to Microsoft (MSFT) two years ago, Nokia has been working on reinventing itself.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: NOK