Qualcomm and Apple Agree to Drop All Litigation Worldwide

(Bloomberg) -- Qualcomm Inc. and Apple Inc. agreed to drop all litigation between the two companies worldwide.

The settlement includes an undisclosed payment from Apple to Qualcomm, the companies said in a statement Tuesday. The companies also reached a six-year license agreement, effective April 1, including a two-year option to extend, and a multiyear agreement to supply chips.

Qualcomm and Apple Agree to Drop All Litigation Worldwide

Qualcomm surged as much as 18 percent on the news, the biggest intraday advance since November 2017, while Apple rose less than 1 percent.

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