Nokia has signed a new patent licence agreement with Apple as the existing licence between the companies will expire at the end of this year.

The companies did not disclose the terms of the licence agreement, which covers Nokia’s inventions in 5G and other technologies.

Nokia, a Finnish telecommunication company, said it expects to start recording the revenue from this new patent licence deal starting in January 2024.

As per the terms of the agreement, Nokia will receive payments from the iPhone maker for a multi-year period.

The deal is in line with the company’s long-term outlook disclosed in the first quarter of 2023, it added.

Nokia’s patent portfolio is said to consist of almost 20,000 patent families and includes over 5,500 patent families identified as crucial to 5G.

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It is based on more than €140bn ($152.46bn) invested in research and development (R&D) since 2000, the Finnish company said.

Nokia Technologies president Jenni Lukander said: “We are delighted to have concluded a long-term patent license agreement with Apple on an amicable basis.

“The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D, and contributions to cellular standards and other technologies.”

In May this year, Apple partnered with semiconductor manufacturing company Broadcom for wireless connectivity solutions, including 5G radio frequency components.

The multibillion-dollar agreement with Broadcom formed part of Apple’s plans to invest $430bn in the US over the course of five years, which were revealed in 2021.