Apple pays Nokia $2 billion, to settle patent dispute

Nokia 📱 disclosed that Apple 🍎 made a $2 billion cash payment 💸 last quarter as part of the deal 👍🏻 to settle patent disputes between the companies.

Back in May, Apple and Nokia announced 🔉 that the two companies had reached a resolution to the dispute and would work together by expanding their relationship.

In Nokia's earnings call this week, the company disclosed the cash payment as well as more details about how Apple will work with Nokia.

At the center of the dispute were 32 patents involving the iPhone 3GS and later (as well as other Apple products) which Apple claimed Nokia intentionally left out of a 2011 licensing agreement.

UCJ, UNILORIN.