Benzinga | Mar 11, 2021 06:33AM EST

Nokia Inks Patent License Deal With Samsung: Reuters

* Nokia Oyj (NYSE: NOK) inked an agreement with Samsung Electronics Co Ltd (OTC: SSNLF) to license patents covering its innovations in video standards, Reuters reports.

* The financial terms of the agreement were not disclosed. However, Samsung will make royalty payments to Nokia under the arrangement.

* According to Reuters, Nokia's patent portfolio comprises 20,000 patent families, including over 3,500 declared essential to 5G.

* The deal is preceded by rival Telefonaktiebolaget LM Ericsson's (NASDAQ: ERIC) U.S. lawsuit against Samsung over alleged royalty payments and patent licenses.

* The U.S. International Trade Commission intends to launch an investigation after Ericsson alleged 4G and 5G patent infringement by Samsung.

* Price action: NOK shares are up 3.28% at $4.09 in the pre-market session on the last check Thursday.