Nokia to win $600 million from Apple in patent settlement

Mobile giant Nokia may have won as much as $US600 million from Apple in a settlement over patent disputes, reports have indicated.

While the settlement itself was announced in a statement by Nokia chief executive Stephen Elop, who said Apple will now become a licensee, the actual payment details have not been disclosed.

According to ZDNet, Deutsche Bank analyst Kai Korschelt has said Apple may have paid as much as $US600 million for the settlement, along with a separate figure for each iPhone sold.

“We are very pleased to have Apple join the growing number of Nokia licensees. This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market,” Elop said in a statement.

However, some analysts have warned that although the agreement does provide some financial stability, Nokia will still need to deliver solid products if it wants to survive.