Nokia and Apple have finally settled all their disputes relating to intellectual property and have agreed a multi-year patent licence arrangement.
Under the collaboration agreement, Nokia will be providing certain network infrastructure product and services to Apple, and Apple, for their part, will resume carrying Nokia digital health products in Apple retail and online stores.
Both companies are also exploring future collaboration in digital health initiatives. Regular summits between the top executives of both companies will ensure that the relationship works effectively and to the benefit of both parties and their customers, the companies said.
Details of the actual agreement remain confidential, but Apple is believed to be paying Nokia an up-front cash payment, with additional sums being added during the term of the agreement. The value of the agreement will be reflected partially as patent licensing net sales in Nokia Technologies and partially as net sales in other Nokia business groups. Nokia will follow its existing practices for disclosing patent licensing revenue in its quarterly announcements and expects that revenues for the agreement will start to be recognised in the second quarter of 2017, including an element of non-recurring catch-up revenue.
