HMD Global CEO Jean-Francois Baril announced on Linkedin that the company will be expanding its portfolio with a new HMD brand that will co-exist alongside its Nokia phones and collaborations with "exciting new partners" that have yet to be disclosed.

"It has been a great journey as 'HMD -- the home of Nokia phones' -- an exclusive position we have held for the past six years," said Baril.

"Now we are ready for the next step on our journey -- to enter the market independently as a force to create a new world for telecommunications focused on consumer needs."