Nokia and LG Electronics have announced an agreement where the Korean company will license a number of Nokia's smartphone-related patents.

Nokia has announced that it will license a number of its smartphone-related patents to LG Electronics. The patents will cover a range of technologies related to communication over 2G, 3G, and 4G networks. Neither company has disclosed how much LG has paid to license these patents, but they both feel as this agreement is mutually beneficial.

Ramzi Haidamus, President of Nokia Technologies said:

We are pleased to welcome LG Electronics to our licensing program. We've worked constructively with LG Electronics and agreed a mutually beneficial approach, including the use of independent arbitration to resolve any differences. This agreement sets the scene for further collaboration between our companies in future.

LG will be the first major smartphone manufacturer to join Nokia's licensing program since Microsoft completed its purchase of the company's devices division in 2014. Though it joins more than 60 other companies in licensing Nokia's technology.

Source: Nokia