Nokia Corporation (NYSE:NOK) and Apple Inc. (NASDAQ:AAPL) have announced a patent license agreement together. The agreement will end all patent litigation between both companies. This includes complaints being withdrawn from the U.S. International Trade Commission.
Apple will be making a one-time payment and on-going royalties to Nokia as a result of the agreement. The terms of the contract between the two was made confidential. “We are very pleased to have Apple join the growing number of Nokia licensees,” stated Nokia President and CEO Stephen Elop. “This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.”