Nokia to sell FWA business to American vendor Inseego

NEW DELHI: Nokia is selling its fixed wireless access (FWA) consumer premises equipment (CPE) business to the US vendor Inseego, as the Finnish gear maker further sharpens its focus on mobile networks and data centers to ride the AI hypercycle wave.

Under the agreement, Nokia will receive approximately a 7% equity stake in Inseego in the form of common stock and warrants, representing $20 million, at the closing of the transaction, according to a joint statement on Thursday.

Nokia will subsequently make an additional $10 million investment in Inseego in the form of common stock and warrants, which will bring its total stake in the latter to approximately 11%.