Nokia has announced in a press release that the Finnish phone manufacturer and Apple have finally settled all of their patent disputes that resulted in an agreement that withdraws all complaints filed by Nokia and Apple to the US International Trade Commission.

The agreement entails a one-time payment, as well as the continued payment of royalties, payable by Apple to Nokia for the term of the agreement. The specific terms of the contract are confidential.

Nokia CEO Stephen Elop says:

We are very pleased to have Apple join the growing number of Nokia licensees, said Stephen Elop, president and chief executive officer of Nokia. This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.