ESPOO (dpa-AFX) - Finland-based telecommunications company, Nokia (NOK) on Monday announced that it has entered into a multi-year 5G patent agreement with China's Vivo, after signing similar deals with Apple, Samsung, OPPO, Honor, and Huawei in the past 13 months.
Under the agreement, Nokia would receive royalty payments and catch-up payments from Vivo.
Jenni Lukander, President of Nokia Technologies, said, 'We have now almost completed our smartphone license renewal cycle. We are delighted to have reached an agreement with Vivo, which reflects mutual respect for each other's intellectual property rights'.
Nokia anticipates generating around 1.4 billion euros, equivalent to $1.51 billion, through its intellectual property licensing business.
On the other side, Vivo also stands to gain from this agreement, since it can return to the German market after losing the lawsuit to Nokia.
Earlier, the license agreement between Nokia and Vivo had expired in 2021 and was not renewed, which led to a legal battle between the companies in Germany.
'The agreement resolves all pending patent litigation between the parties, in all jurisdictions. The terms of the agreement remain confidential as agreed between the parties,' Nokia confirmed.
Xianwen Xu, General Manager of Legal Affairs Department at Vivo, stated, 'We are pleased to have reached a global cross-license agreement with Nokia. Signing the agreement reflects the mutual recognition and respect for each other's patent value in cellular technology and it also plays a significant role in fostering a positive development environment within the industry. We are dedicated to investing in R&D of smart devices and intelligent services, providing extraordinary hi-tech products and services for users worldwide'.
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