Nokia sells Qt software and 500 patents

City A.M. Reporter
STRUGGLING cellphone giant Nokia said yesterday it will sell some 500 wireless patents to US firm Vringo and divest its Qt software business to Finnish IT services firm Digia Oyj to bolster its fast-shrinking cash reserves.

Nokia is fighting for survival after losing out in the smartphone war to Apple and Samsung.

The world’s second-largest mobile phone maker has linked up with Microsoft to sell phones using Windows software but has so far had only limited success.

The deal nets Nokia $22m, while still leaving it with one of the strongest portfolios in the wireless industry.