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Qualcomm Signs New Patent License Agreement With Lenovo

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Qualcomm Signs New Patent License Agreement With Lenovo

QUALCOMM, Inc. (NASDAQ: QCOM) announced after Thursday's market close that it has entered into a new patent license agreement with China-based Lenovo, a provider of consumer, commercial and enterprise technologies including smartphones under the Motorola brand, servers, smart TVs, tablets and PCs.

As part of the agreement, Qualcomm has granted Lenovo a royalty-bearing patent license to develop, manufacture and sell 3G and 4G technology. The company added that the royalties payable by Lenovo are consistent with terms of rectification plan submitted by Qualcomm to China's National Development and Reform Commission.

Related Link: Qualcomm May Have Just Signed Up The Last Of The Top Five Chinese OEMs

"Qualcomm is pleased to sign a new license agreement with Lenovo which builds on our long standing relationship," said Derek Aberle, president of Qualcomm Incorporated. "We look forward to expanding our collaboration with Lenovo as the company continues to bring exciting new Lenovo and Motorola devices to consumers around the world."

"As a leading global provider of mobile devices, Lenovo is pleased to have concluded another license agreement with Qualcomm, which improves our IP position in China," said Scott Offer, general counsel of Lenovo. "This agreement also provides a solid foundation for Qualcomm and Lenovo to expand and strengthen the long-term relationship between our companies, both in China and around the world."

Shares of Qualcomm were unchanged at $49.08 early Friday morning.

Image Credit: By Ryo FUKAsawa - https://www.flickr.com/photos/fukapon/21879687510, CC BY 2.0, Wikimedia

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