Nokia has decided to sell more than 450 patents to Sisvel International, the Italy based patent licensing firm. For the record, the mobile manufacturing giant has about 30,000 patent licenses and applications.
These patents represent "more than 350 patents essential to wireless standards" and include second, third and fourth generation standards like Global Systems for Mobile Communications (GSM), Universal Mobile Telecommunications Service/ Wide Band Code Division Multiple Access (UMTS/WCDMA) and Long Term Evolution (LTE).
Sisvel International confirmed the acquisition of 47 patent families of Nokia which are equal to more than 450 patents.
Giustino de Sanctis, CEO at Sisvel International, stated, "Sisvel has been extremely active in recent years working with the wireless industry to provide simplified access to essential wireless patents on fair, reasonable, and non-discriminatory, or FRAND, conditions," reports Know Your Mobile.
According to reports, Nokia's patent catalogue is generating $640 million in fees from various companies licensing Nokia's technology during the second and third quarter of 2010. The reason behind this move is still a mystery.
Both companies have refused to disclose the amount of money involved in this transaction. But Sisvel must have paid a huge amount to close this lucrative deal.