In a completely unexpected twist to what was shaping up to be a colossally dull never-ending global lawsuit, Apple and Qualcomm have reached a settlement that means both sides can work together, at least for the next six years.
Apple settles with Qualcomm
The two companies announced their new détente in a press release, titled: “Qualcomm and Apple agree to drop all litigation.” You can read it in full here, but it really is as short as the below:
- The companies have ended litigation worldwide.
- This ending of hostilities extends to manufacturing partners.
- The companies have reached a global licensing deal.
- That deal extends for six years and includes a two-year option to extend.
- They have reached a chipset supply agreement.
- Apple has paid Qualcomm an undisclosed sum.
Reaction to the deal has been positive. Qualcomm stock is spiking (up over 20%) at time of writing, while Apple’s has climbed a few points in anticipation of what this might mean for its future mobile product plans.
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