Beiruting News

Samsung Electronics Co. has signed an agreement with Google Inc. to cross-license their patents, reducing the risk of costly legal disputes over intellectual property and likely fostering greater collaborate between the two tech giants.

Seoul-based Samsung said Monday that the deal covers patents to be filed over the next 10 years as well as existing patents. Financial terms were not disclosed.

Samsung called the deal "highly significant for the technology industry" and said it reduces the likelihood of Google and Samsung facing each other in court over intellectual property disputes.

The move is also expected to strengthen their position against rivals such as Apple, which has filed multiple lawsuits worth billions of dollars for alleged patent infringements.

"Samsung and Google are showing the rest of the industry that there is more to gain from co-operating than engaging in unnecessary patent disputes," Seungho Ahn, head of Samsung's Intellectual Property Center said in the statement.

Their global patent dispute has dragged on for the past few years and both Apple and Samsung's chief executives are scheduled to meet for mediation in mid-February.