Pendrell Buys Nokia Patents

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Nokia (NYSE: NOK  ) continues to monetize its patent portfolio. On Monday, intellectual-property management firm Pendrell (NASDAQ: PCO  ) announced that it has purchased "several fundamental patent portfolios covering a wide range of foundational memory technologies for electronic devices" from the Finnish telecom giant for an undisclosed sum.

According to Pendrell, it bought 125 patents and patent applications in all, including patents for secure digital (SD) cards, embedded flash, and universal flash storage. Eighty-one of the patents are ones that Nokia describes as "essential to applicable standards."

Speaking of which, Nokia confirms that it will receive full license to all of the patents it has sold, as well as license to any new intellectual property developed based upon them. As for the cash it receives, Nokia advises that it intends to reinvest at least part of the cash to fund further tech research.

Pendrell shares climbed 1.3% in response to the announcement, closing at $1.54. Nokia shares declined 2.1% to close at $3.26.

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Related Tickers

9/23/2016 4:03 PM
NOK $5.66 Down -0.08 -1.39%
Nokia CAPS Rating: **
PCO $0.69 Down +0.00 -0.57%
Pendrell CAPS Rating: No stars