The two mayor hearing device manufacturers GN Resound and William Demant have buried the legal hatchet this Thursday.
The companies inform the market that they have settled a slew of cases concerning patent disputes, “thereby terminating all patent litigations – both in Europe, including Denmark, and in North America – with immediate effect.”
According to the companies, the settlement includes broad-based cross-licensing of 15 different patents related to historic, pending as well as some potential future disputes.
The details of the financial arrangement are undisclosed, but the settlement of the 15 patents includes an annual net license payment to William Demant, which will have no material financial impact on the results of either party.
"Respect for — and recognition of — intellectual property and patents is critically important in any research-based industry. We are pleased that we have been able to make a larger, broad-based patent agreement in a mutually beneficial way and that we can now focus all our energy on serving our customers and growing our business," say Anders Hedegaard, CEO of GN ReSound, and Søren Nielsen, COO of William Demant, in a joint statement.
Financial services firm Bernstein has previously said that William Demant was likely to emerge victorious form the court room battle between the two homegrown rivals, saying the case could run GN more than DKK 500 million (USD 73 million).
- translated by Martin Havtorn Petersen
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