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Qualcomm strikes new licensing deal with LG

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08/20/2019 | 08:10am EDT
A Qualcomm sign is pictured at Mobile World Congress (MWC) in Shanghai

(Reuters) - Qualcomm Inc said on Tuesday that it has entered into a new five-year patent license agreement with LG Electronics Inc to develop, manufacture and sell 3G, 4G and 5G smartphones.

LGE had said in June it was unable to narrow differences with Qualcomm and renew its chip license agreement.

Qualcomm in April also reached a surprise settlement that cleared the road for iPhones to once again use its modem chips, but its shares were hurt in July when Apple bought Intel Corp's modem business for $1 billion.

(Reporting by Sayanti Chakraborty in Bengaluru; editing by Patrick Graham)

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