Nokia has added yet another big smartphone manufacturer to its growing list of Patent Licensees. Huawei has agreed to enter into a multi-year patent licensing agreement with Nokia. This agreement will result in a non-recurring catch-up payment, with steady royalty payments expected during the term of the agreement to Nokia.
As expected Nokia has not disclosed the revenue expected from this deal and will disclose the same in its quarterly financial reports starting Q4 2017. Read the full press release below.
Nokia and Huawei sign patent license agreement
Espoo, Finland – Nokia today announced that it has signed a multi-year patent license agreement with Huawei.
“Huawei is one of China’s largest companies and is among the world’s leading smartphone manufacturers and we are delighted to welcome them to our family of patent licensees,” said Maria Varsellona, chief legal officer at Nokia.
While details of the license agreement remain confidential, Nokia will follow its existing practices for disclosing patent licensing revenue in its quarterly financial reports and expects that revenue for the agreement will begin to be recognized in the fourth quarter of 2017, including an element of non-recurring catch-up revenue, with additional revenues expected during the term of the agreement.