Monday April 27, 04:25 AM
Qualcomm settles Broadcom dispute for 891 mln dlrs
NEW YORK (AFP) - US communications company Qualcomm (NASDAQ: QCOM - news) has agreed to pay its competitor Broadcom (NASDAQ: BRCM - news) 891 million dollars over four years to settle their dispute over intellectual property rights, the two companies announced late Sunday.
The companies said their agreement will result in the dismissal of all litigation between the companies, including all patent infringement claims in the International Trade Commission, the European Commission and the Korea Fair Trade Commission.
"Qualcomm will pay Broadcom 891 million dollars over a four-year period," the statement said.
Other terms of the agreement will remain confidential under the deal.
"We believe that this resolution is positive for both Qualcomm and Broadcom, our customers, our partners and the overall industry," Paul Jacobs, chairman and CEO of Qualcomm, and Scott McGregor, president and CEO of Broadcom, said in a joint statement
Headquartered in San Diego, California, Qualcomm is a major US producer of components for wireless telephones.
Broadcom Corporation, based in Irvine, California, is a major producer of semiconductors for wired and wireless communications. Its 2008 revenue reached 4.66 billion dollars.
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