AURELIUS Agrees to Acquire Nokia’s Enterprise Campus Edge Business

Nokia on October 13, 2026 announced that it has signed a definitive agreement for the proposed acquisition by AURELIUS of its Enterprise Campus Edge (ECE) business. The planned transaction is expected to close in the first half of 2027, subject to customary closing conditions.

Closing conditions include completion of any required information and consultation processes with employee representatives, where applicable, and regulatory approvals. Under the agreement, ECE employees are expected to transfer with the business at closing in accordance with applicable local laws and processes. The companies stated they are cooperating closely to ensure continuity for existing customers and employees and to support a smooth transition. Financial terms of the agreement were not disclosed. PwC Germany served as M&A and transaction services advisor to Nokia, and Roschier acted as legal advisor.

Enterprise Campus Edge Profile

Nokia describes ECE as a recognized industry leader in private wireless, serving nearly 900 customers across industries including manufacturing, mining, logistics, airports, ports and power generation worldwide. Its portfolio includes industrial devices, on-premises operational technology (OT) edge and micro-edge solutions, as well as software applications that enable industrial AI-powered use cases. According to the company, ECE’s digitalization platform helps organizations improve operational performance, increase automation, and enhance sustainability and worker safety by connecting assets and processing OT data on premises for greater data security and sovereignty.

Nokia said the deal supports its strategy to focus capital where the company can differentiate and create long-term value, and that as a standalone business under AURELIUS’s ownership, ECE is expected to benefit from greater independence and a dedicated strategic focus.

“This planned transaction supports Nokia’s strategy to sharpen its portfolio and direct capital and resources to the areas where it can create the greatest long-term value,” said Konstanty Owczarek, Chief Corporate Development Officer at Nokia. “It also provides ECE with a strong foundation for its next growth phase as a standalone business. Our priority throughout the transition will be continued growth of the business and continuity for existing customers and employees.”

Fabian Steger, Managing Director of AURELIUS Fund IV and V, said: “ECE is a strong business with differentiated technology, a talented team, a global footprint and an established customer base that includes many Fortune 500 enterprises across various industries. We see significant opportunities for ECE to build on its leading position in private 5G and industrial edge as a standalone business, expand its portfolio into emerging areas such as AI-powered industrial automation, and help customers accelerate the digitalization and automation of their operations.”

Portfolio Reorganization and Discontinued Operations

The ECE divestiture follows a reorganization Nokia implemented at the start of 2026. Beginning January 1, 2026, Nokia moved several units it did not see as core to its future strategy into a dedicated operating segment called Portfolio Businesses while it assessed the best value-creating opportunity for them. The units moved were Fixed Wireless Access CPE (FWA CPE) and Site Implementation and Outside Plant, both previously in Fixed Networks within Network Infrastructure; Enterprise Campus Edge, previously in Cloud and Network Services; and Microwave Radio, previously in Mobile Networks.

During the second quarter of 2026, Nokia classified the FWA CPE and Enterprise Campus Edge businesses as discontinued operations. The classification followed the agreement Nokia reached to sell its FWA CPE business to Inseego and its assessment that it was highly probable it would reach an agreement to sell Enterprise Campus Edge.

In its report for the second quarter and first half of 2026, filed on Form 6-K dated July 23, 2026, Nokia reported a loss from discontinued operations of EUR 22 million in the second quarter, compared with a loss of EUR 3 million in the same period of 2025. For the first half of 2026, the reported loss from discontinued operations was EUR 39 million, compared with EUR 23 million a year earlier. At June 30, 2026, the company reported assets held for sale of EUR 48 million and liabilities associated with assets held for sale of EUR 31 million.

Nokia stated that had the two businesses not been treated as discontinued operations in the second quarter of 2026, its net sales would have been EUR 66 million higher and comparable operating profit would have been EUR 13 million lower. The presentation change also led to a EUR 0.1 billion technical revision to Nokia’s full-year 2026 comparable operating profit outlook, which the company now gives as a range of EUR 2.1 billion to EUR 2.6 billion, revised from EUR 2.0 billion to EUR 2.5 billion. Nokia said its operational outlook for the year is unchanged.

Alongside the quarterly report, Nokia published recast comparative financial information on July 23, 2026, reflecting the discontinued-operations presentation for Nokia Group and its reportable segments. The recast figures show the remaining Portfolio Businesses segment, after the reclassification, with net sales of EUR 94 million and an operating result of EUR 0 million in the second quarter of 2026, compared with net sales of EUR 89 million and an operating loss of EUR 11 million in the second quarter of 2025.