Finnish telecom equipment manufacturer, Nokia announced on Monday that it has finalized a multi-year 5G patent license agreement with the Chinese smartphone vendor Vivo.
Nokia will commence recognizing net sales resulting from this agreement in the first quarter of 2024.
The deal resolves all ongoing patent litigation between Nokia and Vivo in various jurisdictions, and the specific terms remain confidential as per the agreement.
This agreement marks Nokia’s sixth significant smartphone licensing deal in the last 13 months, following agreements with Apple, Samsung, OPPO, Honor, and Huawei.
“Nokia has now almost completed its smartphone license renewal cycle,” the company said.
Last month, the company announced its anticipation that Nokia Technologies, its intellectual property licensing business, is poised to generate a minimum of 1.4 billion euros ($1.51 billion) in operating profit for the year 2024.