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Apple settled Nokia patent dispute with US$2Bn payment

By Michael Low & Cookie Monster - on 31 Jul 2017, 9:45am

Apple settled Nokia patent dispute with US$2Bn payment

Apple has settled one of the many patent disputes it has with other companies with a massive upfront payment.  

According to Nokiamob, Nokia revealed during its Q2 financial results that it had "a substantial upfront cash payment of €1.7 billion from Apple". Both companies declined to reveal details of the new licensing deal, although Nokia will reveal its plans on how to use the cash in its Q3 earnings. 

This is the second patent dispute settlement between Apple and Nokia. Back in 2011, both companies reached a licensing agreement to end their patent dispute with Apple paying Nokia a one-off payment and ongoing royalties for the use of the technologies.

Things turned ugly last year after Apple refused to take a new license as it found the terms to be unfair. Nokia reacted by filing lawsuits against Apple in 11 countries and accusing the iPhone maker of infringing on its 40 patents. The US$2 billion payment to Nokia is unlikely to affect Apple as the latter has cash reserves of over $250 billion.

Source: Nokiamob via The Verge.