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Ericsson to pay 80 million euros after settling damages claim with Nokia

Reuters
·1-min read
FILE PHOTO: The Ericsson logo is seen at the Ericsson's headquarters in Stockholm

STOCKHOLM (Reuters) - Telecoms gear maker Ericsson has reached an agreement with Finland's Nokia to pay a settlement of 80 million euros ($97.0 million), it said on Wednesday.

Ericsson said the settlement would impact operating profit (EBIT) by 80 million euros and cashflow by 26 million euros in the second quarter.

"The amount reflects uncertainty, risk, expense, and potential distraction from business focus associated with a potentially lengthy and complex litigation," it said in a statement.

The Swedish company added that the remainder of the settlement amount would be made in similar installments in2022 and 2023 respectively, impacting cash-flow.

($1 = 0.8247 euros)

(Reporting by Helena Soderpalm, editing by Louise Heavens)