Nokia, Samsung extend patent deal

Nokia Corp. and Samsung Electronics Co. agreed to expand a licensing deal Wednesday in a deal that grants the two companies greater access to each other’s patented technologies.

Nokia said the deal will help boost annual sales from patent and brand licensing at its Technologies unit to around 950 million euros ($1.05 billion) by the end of 2016. The unit reported sales of EUR403 million in 2015.

Today’s agreement is likely to benefit the sales from the third quarter of 2016 and comes less than six months after the companies settled a patent dispute through the International Court of Arbitration that resulted in Samsung agreeing to pay Nokia at least EUR1.3 billion in cash between 2016 and 2018 related to settled and continuing arbitrations in Nokia Technologies.

Source: Market Watch