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Nokia, Qualcomm settle long-running dispute
(Agencies)
Updated: 2008-07-24 15:02 SAN DIEGO -- The legal salvos between Nokia Corp and Qualcomm Inc stopped months ago, part of what officials at the wireless industry heavyweights described as a truce in a long-running battle that spanned three continents.
The agreement, announced after markets closed, thrilled Qualcomm investors. The company's shares soared 18.7 percent, or $8.38, to $53.20 after hours. During regular trading, its shares rose 1.6 percent, or 72 cents, to $44.82 on the Nasdaq Stock Market. Nokia's US traded shares fell 0.3 percent, or 7 cents, to $26.70 on the New York Stock Exchange, then added 31 cents after hours. The 15-year licensing deal gives Nokia rights to a wide portfolio of Qualcomm's patents. Nokia will pay Qualcomm an upfront sum and ongoing royalties, but the companies did not elaborate on the terms. Nokia, based in Espoo, Finland, said it will withdraw its antitrust complaint filed against Qualcomm at the European Commission. Nokia filed the complaint in October 2005 with five other companies, which led to a flurry of lawsuits between Qualcomm and its rivals and several regulatory probes into Qualcomm's licensing practices. "This is one where saying this is important is not an overstatement," Rick Simonson, Nokia's chief financial officer, said in an interview. "It's a big relief for everybody." |
