By Anton D. Nagy | November 4, 2013 3:15 AM
Today, Nokia announced via a press release, that Samsung has extended the two companies’ license agreement — which would have expired at the end of this year — for five years. In the light of the agreement, or at least the public parts of it, Samsung will pay additional compensation to Nokia starting January 1, 2014. The amount of the compensation will be settled by arbitration, which is expected to conclude sometime in 2015.
Paul Melin, Nokia’s Chief Intellectual Property Officer said that ”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”. Despite selling its Devices and Services division to Microsoft, Nokia will still retain its patent portfolio and continue to drive innovation, according to the press release, and mange it accordingly through licensing deals.