Samsung Agrees to Five Year Extension of License on Nokia Patents

Finnish Nokia has sold its handset unit

Nokia Oyj (NOK1V) said Samsung Electronics Co. (005930), the world's largest mobile-phone maker, agreed to license its patents for five more years, a boon for the Finnish company as it seeks to rebuild revenue after selling its handset unit.

Samsung agreed to pay Nokia additional compensation starting Jan. 1, according to a statement from Espoo, Finland-based Nokia today. The amount will be settled in a binding arbitration expected to be concluded in 2015. The previous agreement was set to close at the end of this year.