Samsung has extended its patent licensing deal with Nokia for five more years, which is benefit for the Finnish firm as it is seeking to restore its revenue upon the sale of its handset division.
As part of the agreement, Samsung can access Nokia patents up to 2019 and will also pay more compensation for patent use for the period beginning 01 January 2014.
According to the Finnish mobile maker, the accurate amount of compensation would be settled in another binding arbitration scheduled for 2015, which would offer Nokia with significant transaction cost savings associated to licensing wars between the two firms.
Nokia chief intellectual property officer Paul Melin said: "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."
According to analysts, Nokia’s patent portfolio could be worth billions of dollars which it has acquired with billions of dollar investment on research.
The company said to have a patent portfolio of 30,000 patents and several of them could be licensed to Microsoft following $7.2bn acquisition of the handset business.
Reports reveal that patents would be the Finnish mobile maker’s main area of focus upon its handset division acquisition by Microsoft in early September, while the brand would also vanish away from the global mobile phone market in ten years upon the expiry of licence to use trademark.
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