Unwired Planet, Inc. (NASDAQ: UPIP) said it has completed its patent license and purchase transaction with Lenovo, initially disclosed on March 20, 2014.
The agreements called for USD100m upfront payment for both a pre-payment on the license and for the sale of 142 patents. Net proceeds to Unwired Planet, after payments to Ericsson, total USD70m.
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 consists of approximately 2,500 issued and pending US and foreign patents.
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.
Unwired Planet´s patent portfolio includes technologies that allow mobile devices to connect to the Internet and enable mobile communications. It is headquartered in Reno, Nevada.