Finnish telecom equipment maker Nokia said on Monday it has signed a multi-year 5G patent license agreement with Chinese smartphone vendor Vivo and will begin recognising net sales from the deal in the first quarter of 2024.

"The agreement resolves all pending patent litigation between the parties, in all jurisdictions. The terms of the agreement remain confidential as agreed between the parties," Nokia said in a statement.

It was Nokia's 6th major smartphone licensing agreement in the past 13 months and follows deals with Apple, Samsung, OPPO, Honor, and Huawei.

"Nokia has now almost completed its smartphone license renewal cycle," the company said.

The group last month said it expected Nokia Technologies, its intellectual property licensing business, to generate at least 1.4 billion euros ($1.51 billion) of operating profit in 2024.

($1 = 0.9276 euros) (Reporting by Anne Kauranen, writing by Terje Solsvik, editing by Stine Jacobsen)