Nokia received $2 billion from Apple to settle patent disputes

The mobile phone company, Nokia received $2 billion in cash from Apple, regarding patent disputes.

In May, both companies agreed to drop lawsuits regarding patent disputes between them, and also made a multi-year patent exchange agreement.

The details of the agreement are not being disclosed at this time.

Nokia noted that alliance with Apple will make stronger its networking and digital health business units.

In the next quarter, the royalties received from Apple in terms of patent licensing sales will affect its future earnings and how the company spends the $2 billion, Nokia said.

Nokia sued Apple last year for patent infringement in the US and Europe. Apple responded by removing Nokia healthcare product from its web store.

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