TEMPO.CO, Jakarta - Apple and Nokia have settled their patent dispute under new licensing terms. It has been reported that Apple paid €1.7 billion in sum.

The settlement process began May, The Verge reported. The two companies agreed to make new licensing terms and join efforts to explore future collaboration in digital health initiatives.

"The money [from Apple] will strengthen our cash position," Nokia's official transcript reads. The Finnish firm did not say what they will use the money for, but promised to reveal it in its next quarterly financial report.

Nokia and Apple have been in a patent dispute since last year. Nokia accused Apple of infringing patents owned by Nokia subsidiaries. Both companies had a licensing deal in place since 2011, but Apple reportedly did not want to sign a new deal; accusing Nokia of using unfair terms.

Nokia then filed lawsuits in several countries, and Apple went took up the challenged. The dispute heated as Apple reacted by pulling Nokia-owned Withings’ products from Apple Stores.

The €1.7 billion settlement is a lot, but it is unlikely that Apple's finances will be affected much. At the start of 2017, Apple announced that it has more than US$350 billion in assets, placing it as the most profitable technology company of the year.

THE VERGE | AMRI MAHBUB