Samsung Electronics Co., Ltd. (KRX:005930) and Nokia Corporation have announced that they have extended their patent agreement by another five years. The financial details of the patent agreement are unknown. The patent numbers listed in the deal are also unknown.
Samsung and Nokia’s patent agreement was expected to expire at the end of 2013, but now Samsung will pay “additional compensation” starting in January 2014. The exact amount that Samsung is going to pay Nokia will be settled based on a binding arbitration process that could take around a year and is expected to close by 2015.
Nokia has sued several companies regarding the licensing of their standards essential patents, which includes BlackBerry and HTC. HTC tried to fight Nokia in court, but lost.