HELSINKI (AP) — Network infrastructure and 5G technology provider Nokia has signed a new, long-term patent license agreement with Apple to replace the current agreement between the two companies that is set to expire at the end of 2023.
The deal, which allows Apple to use the Finnish company’s technology in its products, covers Nokia’s inventions in 5G and other technologies. The terms of the agreement announced Friday evening remain confidential.
Nokia expects to recognize revenue related to the deal from January 2024, and the company said the deal is in line with its long-term outlook disclosed in the first quarter.
“The agreement reflects the strength of Nokia’s patent portfolio, decades-long investment in R&D, and contributions to cellular standards and other technologies,” Nokia Technologies President Jenni Lukander said in a statement. .
The previous licensing agreement between Apple and Nokia was announced in May 2017.
Nokia said its patent portfolio is based on more than 140 billion euros ($153 billion) invested in research and development since 2000, and is made up of around 20,000 patent families, including more than 5,500 patent families declared essential to 5G.
Nokia, based in Espoo, Finland, is one of the world’s leading providers of 5G, the latest generation of broadband technology, along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung.