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Monday, November 4, 2013

Samsung extends its patent agreement with Nokia

Samsung has extended an existing patent licence agreement between itself and Nokia for five years, according to a statement from Nokia today. The deal had been due to end on 31st December.

Nokia will collect payment from Samsung, with the amount expected to be settled through arbitration that concludes in 2015.

Paul Melin, Chief Intellectual Property Officer of Nokia, said “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.”

Although Nokia is planning to sell most of its Devices & Services business to Microsoft in the next few months, it will retain its patent portfolio following the transaction.

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Author: The Fonecast
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