Finland Times

 

Headquarders of Nokia Solutions and Networks's in Espoo in Finland 29th Oct, 2013. Photo - Lehtikuva.

Mobile communications giant Nokia has announced that a patent license agreement between Samsung and Nokia has been extended by five years. 

 

The agreement would have expired at the end of 2013, said a press release on Monday. 

 

According to the agreement, Samsung will pay additional compensation to Nokia for the period commencing from January 1, 2014 onwards, and the amount of such compensation shall be finally settled in a binding arbitration which is expected to be concluded during 2015, said the release.

 

"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", said Paul Melin, Chief Intellectual Property Officer of Nokia.

 

Nokia will retain its industry-leading patent portfolio following the proposed transaction to sell substantially all of its Devices & Services business to Microsoft and seize further opportunity to create value by investing in innovation, and by actively managing its patent portfolio and licensing activities, said the press release.

 

Nokia’s products have become an integral part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia devices to capture and share experiences, access information, find their way or simply to speak to one another, according to the release.