HELSINKI (AP) — Network infrastructure and 5G know-how supplier Nokia has signed a brand new long-term patent license settlement with Apple to interchange the present deal between the 2 firms that’s set to run out on the finish of 2023.

The deal, which allows Apple to make use of the Finnish firm’s know-how in its merchandise, covers Nokia’s innovations in 5G and different applied sciences. The phrases of the settlement introduced late Friday stay confidential.

Nokia expects to acknowledge income associated to the settlement beginning January 2024, and the corporate stated the deal is in line with its long-term outlook disclosed within the first quarter.

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

The earlier license settlement between Apple and Nokia was introduced in May 2017.

Nokia stated its patent portfolio is constructed on greater than €140 billion ($153 billion) invested in analysis and improvement since 2000, and consists of round 20,000 patent households, together with over 5,500 patent households declared important to 5G.

The Espoo, Finland -based Nokia is likely one of the world’s foremost suppliers of 5G, the newest technology of broadband know-how, together with Sweden’s Ericsson, China’s Huawei and South Korea’s Samsung.