Nokia and Apple have ended their long-running patent agreement. According to a press release on the Nokia website, the two company’s have agreed to settle all patent litigation, as well as a withdraw complaints to the US International Trade Commission.
The release states that the terms are confidential, but: ‘the agreement consists of a one-time payment payable by Apple and on-going royalties to be paid by Apple to Nokia for the term of the agreement.’
"We are very pleased to have Apple join the growing number of Nokia licensees," said Stephen Elop, president and chief executive officer of Nokia. "This settlement demonstrates Nokia's industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market."
The action started in 2009, when Nokia sued Apple for allegedly infringing 10 patents with the iPhone and iPad. Apple retaliated by suing for 13 patent infringements.
The financial compensation certainly seems to have come at a good time for Nokia which recently lowered its Devices & Services outlook for Q2, expecting with net sales substantially lower, as mobile phone prices have dropped. Of course the company has also lost ground to Android and iOS.