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Nokia: patent license deal with China's Huawei

( - Finnish telecom gear maker Nokia said that it signed a multi-year patent license deal with Chinese rival Huawei on Wednesday, sending its shares up almost 3%.

While details of the agreement remain confidential, Nokia plans to disclose patent licensing revenue in its forthcoming quarterly reports, the company said.

The firm expects to report revenue steaming for the agreement as soon as in the fourth quarter of 2017, including non-recurrent catch-up revenue, and additional revenues throughout the term of the deal.

"Huawei is one of China's largest companies and is among the world's leading smartphone manufacturers and we are delighted to welcome them to our family of patent licensees," said Maria Varsellona, chief legal officer at Nokia.

After this announcement, Nokia shares were up 2.8% at over 4 euros, while the STOXX Europe 600 Optimised Telecommunications index was down 0.5%.

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