Nokia and Apple top executives will have regular summits to ensure that the relationship works effectively and to the benefit of both parties and their customers. Apple, for its part, will resume selling Nokia Health products, formerly sold under the Withings brand, in its stores around the world.
However, analysts expect the revenue that Apple sends to Nokia to be much higher than the previous amount under the old defunct deal.
The two firms also said that they are "exploring future collaboration in digital health initiatives", though neither company elaborated on the details of this. In reply, the Finnish firm sued the US firm in 11 countries, including Germany and the United States, claiming that the company must pay for the technology it used in smartphones, tablets and other devices, notes The New York Times.
Nokia will provide network infrastructure services to Apple, Apple will stock Nokia's Withings products once again in Apple Stores and pay ongoing license fees to use Nokia's intellectual property.
The statement made note that Apple provided Nokia with an up-front cash payment. When the patent legal row was announced it was enough to push Nokia shares down in trading. Apple claimed Nokia was demanding unfairly high licensing fees, and Nokia said it spent years trying to reach an agreement with the iPhone maker.
"This agreement will strengthen our collaboration". "We are standing up for inventors everywhere by fighting this flagrant anticompetitive practice", Apple told Bloomberg at the time.
Nokia's patents cover mobile phone technology that conserves battery life, reduces the need of hardware components, increases radio reception, helps in recovering lost devices and enables voice recognition.
It also said that due to the up-front cash payment from Apple it will provide a "comprehensive update of its capital structure optimisation program" in conjunction with its Q3 results.