ESPOO, Finland ( TheStreet) -- Nokia (NOK) said Tuesday it settled patent litigation with Apple (AAPL), including the withdrawal by both companies of their complaints to the International Trade Commission.
Nokia, the struggling mobile phone maker, said the agreement would be positive for its second-quarter earnings.
In a statement on its Web site, Nokia said the "financial structure of the agreement consists of a one-time payment payable by Apple and ongoing royalties to be paid by Apple to Nokia for the term of the agreement. " Specifics of the contract are confidential, Nokia said.
"We are very pleased to have Apple join the growing number of Nokia licensees," said Stephen Elop, Nokia's president and CEO, in the statement."This is the first positive news from Nokia for a long time. They can both focus on their businesses now, and the dispute was settled for Nokia's advantage," Inderes analyst Mikael Rautanen told Reuters. Nokia and Apple have been in a legal dispute over patents since October 2009. -- Written by Joseph Woelfel
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