Finnish telecommunication information technology company Nokia Oyj (HEL: NOKIA) announced having signed a license patent pact with South Korea leading tech giant Samsung Electronics Co (KRX: 005930) linked to its innovations in video standards.
Nokia further revealed Samsung will be making paying its royalty payments nonetheless, it failed to disclose the financial agreement of the deal.
Currently, Nokia controls a patent portfolio of around 20,000 patents among them includes 3,500 patents which have been declared essential for 5G.
This patent deal comes barely a month after Nokia’s Europe rival Ericsson filed a lawsuit in the United States against Samsung concerning patent licenses and royalty payments.
In February, the U.S. International Trade Commission said it would be launching investigations into the claims made by Ericsson against Samsung infringing on some of its 4G and next generation 5G wireless communications equipment.