Apple ‘paid Nokia $2bn up front as part of settlement’

Apple paid Nokia an up-front cash payment of €1.7 billion ($2 billion) and will continue to pay royalties as part of settlement announced by the companies in May, according to a report by nokiamob.net.

Nokia and Apple announced in May they had settled all litigation related to their intellectual property dispute and agreed a multi-year patent license.

“While details of the agreement remain confidential, Nokia will receive an up-front cash payment from Apple, with additional revenues during the term of the agreement,” said the companies in May.

The companies said in May that under a new business collaboration agreement, Nokia would provide certain network infrastructure products and services to Apple.

Further, Apple would resume carrying Nokia digital health products (formerly under the Withings brand) in Apple retail and online stores, and Apple and Nokia were exploring future collaboration in digital health initiatives.

Source: IP Strategy News

Editor: Camila