Nokia on Tuesday announced that it has entered into a new patent agreement with LG, marking more than 60 firms that now license the company’s portfolio of intellectual property. LG is the first major OEM to enter an agreement since Nokia sold its devices and services division to Microsoft last year.
LG will license patents related to wireless mobile technology including 2G, 3G and 4G LTE. “We’ve worked constructively with LG Electronics and agreed a mutually beneficial approach, including the use of independent arbitration to resolve any differences,” Nokia Technologies President Ramzi Haidamus said Tuesday. “This agreement sets the scene for further collaboration between our companies in the future.”
Terms of the agreement were not disclosed, so we don’t know how much LG is paying for access to the patents, but Nokia said that any disputes between the two companies should conclude “within a 1-2 year timeframe.”