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LG received hundreds of millions of dollars from Apple for its patents

Although LG no longer deals with smartphones, the company continues to receive royalties and holds a number of important patents.

The company said it received a one-time payment from Apple for patent licenses worth about $600 million. About $7 million more was paid by another company, whose name is not reported.

Apple and LG have reportedly signed a ten-year patent cross-licensing agreement. Given that LG has gone out of the smartphone business, the company has stopped using many patents.

At the same time, LG Innotek and LG Display continue to be Apple’s trusted main suppliers. In addition, LG also intends to sign a long-term agreement with Samsung.

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