Nokia has announced that Samsung has extended the patent license deal with the company for five years, before it expires at the end of 2013. Samsung will pay additional compensation for the period commencing from January 1, 2014 onwards based on the agreement. There’s no word yet on how much the deal is worth, but Nokia says that compensation amount of this deal would finally be settled during 2015.
Regarding the license extension deal, Paul Melin, Chief Intellectual Property Officer of Nokia, 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.
Nokia agreed to sell its Devices & Services business to Microsoft back in September, but it will retain its patent portfolio. Nokia already announced that it will be licensing a significant portion of its patents in addition to their mapping services to Microsoft. Nokia reported their Q3 2013 revenues at EUR 5.66 billion and the Nokia HERE Maps reported sales worth EUR 0.2 billion in the quarter.