Network Infrastructure and 5G technology provider, Nokia has signed a new long-term patent license agreement with Apple. The current deal between the companies is set to expire at the end of 2023.
However, the deal that was announced late Friday remains confidential between the companies, it covers Nokia’s inventions in 5G and other technologies.
The deal enables the iPhone’s makers to use the Finnish company’s technology in its products.
Nokia expects to recognise revenue related to the agreement starting January 2024, and that it is consistent with its long-term outlook disclosed in the first quarter.
More than €140-billion invested in research and development of Nokia’s patent portfolio and is composed of around 20 000 patents, including over 5 500 declared essential to 5G, the Finnish company said.
Nokia Technologies President Jenni Lukander said in a statement, “The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D, and contributions to cellular standards and other technologies.”
The two companies’ previous license agreement was announced in 2017 May.
Finland -based Nokia, the Espoo, is one of the world’s main suppliers of 5G, the latest generation of broadband technology, along with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung.
