Nokia Oyj (NOK) - Get Report shares rose the most in nearly three years Tuesday after the group said it had settled an intellectual dispute with Apple Inc. (AAPL) - Get Report and simultaneously signed a multi-year patent license agreement.
The deal will allow the Epsoo, Finland-based networking group to provide infrastructure products to Apple, the company said, while Apple will resume the use of Nokia digital health products, which were formally offered under the Withings brand, in its online and retail stores. Nokia will also receive an undisclosed cash payment from Apple.
"This is a meaningful agreement between Nokia and Apple," said Nokia's chief legal officer Maria Varsellona. "It moves our relationship with Apple from being adversaries in court to business partners working for the benefit of our customers."
This article was written by a staff member of TheStreet.