diff --git a/src/nm-manager.c b/src/nm-manager.c
index 0c1d36e1f..a3215bd8f 100644
--- a/src/nm-manager.c
+++ b/src/nm-manager.c
@@ -3126,8 +3126,10 @@ _internal_activate_device (NMManager *self, NMActiveConnection *active, GError *
 		 * decides to go unmanaged while we're activating (perhaps because other slaves
 		 * go away leaving him with no kids).
 		 */
-		nm_device_set_unmanaged_by_flags (master_device, NM_UNMANAGED_EXTERNAL_DOWN,
-		                                  NM_UNMAN_FLAG_OP_FORGET, NM_DEVICE_STATE_REASON_USER_REQUESTED);
+		if (master_device) {
+			nm_device_set_unmanaged_by_flags (master_device, NM_UNMANAGED_EXTERNAL_DOWN,
+			                                  NM_UNMAN_FLAG_OP_FORGET, NM_DEVICE_STATE_REASON_USER_REQUESTED);
+		}
 
 		nm_active_connection_set_master (active, master_ac);
 		_LOGD (LOGD_CORE, "Activation of '%s' depends on active connection %p %s",