Press Release: Samsung Extends Patent License Deal With Nokia For Five YearsNovember 5, 2013 No Comments
Nokia has announced that Samsung has extended their patent license agreement between the two companies. Samsung as well will pay ‘additional compensation to Nokia for the period commencing from January 1, 2014 onwards’.
Samsung extends the patent license agreement between Nokia and Samsung for five years; companies will enter into binding arbitration to settle the amount of additional compensation
Stock exchange release
November 4, 2013 at 09.30 (CET +1)
Espoo, Finland – Nokia announced that Samsung has extended a patent license agreement between Nokia and Samsung for five years. The agreement would have expired at the end of 2013. 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.
“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 sees further opportunity to create value by investing in innovation, and by actively managing its patent portfolio and licensing activities.
Tags: Nokia, Patents, samsungNews