Nokia Oyj (ADR) (NYSE: NOK) is having an incredible start to the day in the market today, and for good reason. A long standing feud between the company and Apple (NASDAQ: AAPL) has come to an end in a very beneficial way. As can be expected, this led to excitement among investors and gains in the stock. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:33), NOK is trading at $6.58 per share after a gain of $0.36 per share or 5.88% thus far today.
NOK Settles With AAPL And Forms Collaboration Agreement
As mentioned above, Nokia is having a strong time in the market today after announcing that litigation between the company and Apple surrounding an intellectual property dispute has come to an end. The two parties have reached a settlement, and most importantly have agreed to a multi-year patent license.
According to the collaboration agreement, Apple will receive certain network infrastructure products and several services from NOK. As a result, AAPL will continue to carry NOK digital health products in the online store. Also, the two parties are in the process of exploring future collaboration opportunities surrounding digital health initiatives. Finally, both Nokia and Apple have agreed to regular summits between top executives to ensure that the relationship works effectively and to the benefit of not only both parties, but the customers of both parties. In a statement, Maria Varsellona, Chief Legal Officer at NOK had the following to offer…
“This is a meaningful agreement between Nokia and Apple… It moves our relationship with Apple from being adversaries in court to business partners working for the benefit of our customers.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on both NOK and AAPL. In particular, we’re interested in following the collaboration and excited to see what the result of the collaboration becomes. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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