(RTTNews) - Nokia Corp. (NOK) is on the rise during Thursday's pre-market trading following news of an agreement with Qualcomm (QCOM) to use the products produced by Qualcomm in Nokia devices.
At 9:01 am ET the stock is trading at $27.61 up $0.95 from Wednesday's close.
With the advance, the stock stands to open above a recent trading range.
Qualcomm is also up, trading at $54.65, $10.18 higher than Wednesday's close.
Under the terms of the new 15-year agreement, Nokia has been granted a license under all Qualcomm's patents for use in Nokia mobile devices and Nokia Siemens Networks infrastructure equipment.
In addition, Nokia has agreed not to use any of its patents directly against Qualcomm, enabling Qualcomm to integrate Nokia's technology into Qualcomm's chipsets.
The financial structure of the settlement includes an up-front payment and on-going royalties payable to Qualcomm.
Nokia has agreed to assign ownership of a number of patents to Qualcomm, including patents declared as essential to WCDMA, GSM and OFDMA. The specific terms are confidential.
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