Nokia Renews Patent Licenses with Samsung
Published on: 4th Nov 2013
Note -- this news article is more than a year old.
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 this year had it not been renewed.
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 will retain its patent portfolio following the proposed transaction to sell substantially all of its Devices & Services business to Microsoft and said that it sees further opportunity to create value by investing in and by actively managing its patent portfolio and licensing activities.