Nokia, HMD signs 10-year licensing deal to market Nokia-branded phones and tablets
Posted on:19 May 2016 17:06:08
19 May 2016 Current Affairs: Finland-based companies Nokia Technologies and HMD global Oy (HMD) on 18 May 2016 signed a 10-year licensing agreement to market Nokia-branded phones and tablets.
As part of this brand-licensing deal, Nokia will receive royalty payments from HMD for sales of Nokia-branded mobile products, covering both brand and intellectual property rights.
In 2014, Nokia sold its entire handset business to Microsoft under a 7.2 billion US dollars deal. While the deal majorly covered manufacturing, sales and distribution, Nokia held on to its phone patents.
Other related agreements signed on 18 May 2016 :
FIH Mobile Limited (FIH), a subsidiary of Taiwan-based Foxconn Technology Group), agreed to acquire the remainder of Microsoft's feature phone business assets, including manufacturing, sales and distribution.
HMD and Nokia Technologies signed an agreement with FIH Mobile Limited (FIH) to establish a collaboration framework to support the building of a global business for Nokia-branded mobile phones and tablets.
The above three agreements together will give HMD full operational control of sales, marketing and distribution of Nokia-branded mobile phones and tablets across the world.
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