Benzinga | Jun 1, 2021 07:25AM EDT

Nokia, Daimler End Patent Licensing Feud

* Nokia (NYSE:NOK) inked a patent licensing agreement to license 3G and 4G mobile telecommunications technology to Daimler AG (OTC:DMLRY) for a fee.

* They agreed to settle every pending lawsuit between them, including Daimler's EC litigation. The agreement terms remain confidential.

* The lawsuit could have led to the suspension of Daimler's production and sales of its cars and trucks, Financial Times reports.

* The lawsuit was triggered last year after Daimler refused to pay Nokia for patents used in its vehicles, Bloomberg reports.

* Several German courts had prosecuted Daimler for refusing to buy licenses for the technology.

* Daimler wanted its suppliers to buy the technology from Nokia, leading to lower fees for intellectual property use.

* Nokia earns $1.7 billion in annual licensing revenues, Reuters reports.

* Price action: NOK shares traded higher by 0.19% at $5.17 in the premarket session on the last check Tuesday.