After the sale of its devices business and the $16bn acquisition of Alcatel-Lucent, finalized in 2016, Nokia ended up with a significantly different portfolio mix. Through the ALU deal, it turned back on its mobile broadband-only strategy – the result of another of its serial restructurings in the first half of the decade – and made a massive step into fixed broadband and transport, as well as pay-TV infrastructure and integration. The ALU deal also coincided with its re-entry into the handset business through the back door, following the launch of Finnish start-up HMD Global in early 2016. This firm has licensed the Nokia name and some intellectual property, enabling it to launch a low cost smartphone, plus featurephones, including…