Samsung extends patent agreement with Nokia for five years

Mobile giant Nokia has reached an agreement with Samsung to extend a patent license agreement for five years.

The deal which was due to expire at the end of 2013, will see Samsung pay further compensation to Nokia from 1 January 2014. The total amount of compensation will be agreed in a binding arbitration agreement, to be concluded in 2015.

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.