Nokia’s transfer of its FWA business to Inseego is a very interesting transaction on the telecom hardware market; not because the FWA market is weak, but because it reveals how difficult it has become to capture sustainable value in broadband CPE, and increasingly so in the FWA segment. The structure of the deal itself is striking: Nokia transfers a business representing roughly USD 200 million annualized revenue, while receiving around USD 15 million in Inseego equity and warrants. This is after investing an additional USD 10 million cash into Inseego, and committing to provide up to USD 38 million in