- Judith Akatugba
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In a statement released on Monday, the Finnish telecom equipment manufacturer Nokia announced that it had inked a multi-year patent license agreement for 5G technology with the Chinese smartphone vendor Vivo. The company also stated that it will begin to recognize net sales from the contract in the first quarter of 2024.
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“The agreement puts an end to any and all patent litigation that has been pending between the parties, regardless of the jurisdiction. The parties have agreed that the terms of the deal will be kept confidential, and Nokia has stated in a statement that this will be the case.
It was Nokia’s sixth significant smartphone licensing arrangement in the past thirteen months, following deals with Apple, Samsung, OPPO, Honor, and Huawei. The agreement was reached with Huawei.
“Nokia has now almost completed its smartphone license renewal cycle,” according to the organization.
Last month, the company stated that it anticipated that its intellectual property licensing division, Nokia Technologies, will earn an operational profit of at least 1.4 billion euros ($1.51 billion) in the year 2024.
