Apple Just Paid $2 Billion To Nokia To Get Out of Legal Trouble
You might have heard about Apple’s recent fight with Nokia over the patent issues. Now it is concluded as Nokia has taken $2 billion cash payment from Apple as the result of the patent lawsuit.
“We got a substantial upfront cash payment of €1.7 billion from Apple, strengthening further our cash position. As said earlier, our plans is to provide more details on the intended use of cash in conjunction with our Q3 earnings,”
-Official Investors Call transcript from Nokia
The spat has fired up last year when Nokia claimed on Apple infringing on several of patents it holds. In the past year, Apple made a licensing deal with Nokia since 2011, after both settled last latent disputes. However, Apple wasn’t up for a new deal with Nokia and then accused them of looking for unfair provisions.
The recent fight seemed to be intense as Apple has updated its store excluding Withings’ products which are a division of Nokia. But, after their settlement, Apple again has added Withings’ products in the store. Both Nokia and Apple have just not only settled the patent issue, but they also collaborated on technologies like digital health, optical network, and IP routing.
Considering Nokia is actively developing new Android Phones, and has made a comeback on the market, Now the interesting thing is to know what Nokia is up to after getting $2 billion it has in the bank. We are eagerly waiting for Nokia to announce quarterly earnings release which will reveal how much Apple is paying for this agreement.