Nokia settles long-standing patent dispute with Samsung

Helsinki: Finland's Nokia on Monday settled its patent dispute with Korea's Samsung, saying the arbitration verdict will boost its patent sales by hundreds of millions of euros.

Nokia said including the verdict, the sales of its patent unit Nokia Technologies increased to around 1,02 billion euros ($1.1 billion) in 2015 from 578 million euros in 2014.

Nokia entered into a binding arbitration with Samsung in 2013 to settle additional compensations for a five-year period starting from early 2014.

The 2015 revenues include catch-up revenue from the past two years. The annualized net sales run-rate for the patent unit is now about 800 million euros, Nokia added.