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Apple, HTC Settle Patent Dispute

NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) and Taiwanese gadget manufacturer HTC have settled their patent dispute.

In a joint statement, the companies said they had reached a global settlement that dismisses all existing lawsuits and includes a 10-year license agreement.

The license agreement applies to current and future patents held by Apple and Taipei, Taiwan-based HTC, which makes smartphones and tablet computers that use the Google (GOOG) Android and Microsoft (MSFT) Windows Phone operating systems.

The companies said they're keeping the terms of the settlement confidential.

"HTC is pleased to have resolved its dispute with Apple, so HTC can focus on innovation instead of litigation," said Peter Chou, CEO of HTC, in the statement.

"We are glad to have reached a settlement with HTC," said Tim Cook, CEO of Apple, in the statement. "We will continue to stay laser focused on product innovation."

Shares of Cupertino, Calif.-based Apple closed Friday up $9.31, or 1.7%, at $547.06.

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This article was written by a staff member of TheStreet.

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