U.S. Markets open in 43 mins

Lenovo buys patent portfolio from Unwired Planet for $100M

Unwired Planet (UPIP) and Lenovo (LNVGY) announced that Lenovo has agreed to purchase a portfolio of patents from Unwired Planet and to take a term-based license to Unwired Planet’s patent portfolio. The aggregate consideration for the combined transaction is $100M payable in cash. The patent purchase consists of 21 patent families owned by Unwired Planet, including patents for 3G and LTE mobile technologies and other important mobility patents. Under the terms of the agreement, Lenovo is licensed to Unwired Planet’s intellectual property portfolio for a number of years, covering standard essential, implementation, and application layer technology for mobile devices. Following the transaction, Unwired Planet’s portfolio will consist of approximately 2,500 issued and pending US and foreign patents. The transaction is expected to close in 30 days.