Nokia and Samsung have had a deal in place on patents for some time, the deal was due to run out at the end of this year, although the two companies have now extended their agreement.
Nokia has announced that they have come to an agreement with Samsung for the licensing deal to be extended for another five years, although there are no details as yet on how much the deal is worth.
Nokia announced that Samsung has extended a patent license agreement between Nokia and Samsung for five years. The agreement would have expired at the end of 2013. According to the agreement, Samsung will pay additional compensation to Nokia for the period commencing from January 1, 2014 onwards, and the amount of such compensation shall be finally settled in a binding arbitration which is expected to be concluded during 2015.
“This extension and agreement to arbitrate represent a hallmark of constructive resolution of licensing disputes, and are expected to save significant transaction costs for both parties”, said Paul Melin, Chief Intellectual Property Officer of Nokia.
Nokia recently announced that it will sell it mobile business to Microsoft, Nokia will keep their Nokia brand, and Microsoft will take the companies Lumia brand.
The deal between Microsoft and Nokia does not include Nokia’s large mobile patent portfolio, so the company will be able to use this to make further deals like this recent one with Samsung.
Source Phone Arena
Filed Under: Mobile Phone News, Technology News