Unwired Planet Completes Patent Deal With Lenovo

(RTTNews) - Unwired Planet, Inc. (UPIP) said Thursday it has completed its patent license and purchase deal with China's Lenovo Group Ltd., initially disclosed on March 20.

The agreements called for $100 million 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 $70 million.

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.

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.