Nokia has today announced the company has managed to have Samsung sign an extension to the party's patent licensing agreement. This extension will last a further five years, with the original agreement expiring at the end of this year. One thing is uncertain, however; just how much will Samsung be forking out to the Finnish company?
According to the press release, Samsung will pay out additional compensation to Nokia for the agreed period, kicking off from January 1st, 2014. Nokia has stated that the final figure for the license agreement will be decided in a binding arbitration, which is expected to be concluded during 2015. Here's what Paul Melin, Chief Intellectual Property Officer of Nokia, had to add to the announcement:
"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."
Nokia adds that the company will retain its "industry-leading" portfolio following the transaction with Microsoft, and will continue to make money through innovation investment and by "actively managing its patent portfolio and licensing activities" - we've recently witnessed Nokia going on the offensive with the Finnish giant winning a patent battle against HTC.
Thanks to everyone who tipped us!
