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Samsung IP deal bolsters Nokia shares

Antti Aimo-Koivisto | Lehtikuva | Reuters

Nokia's shares climbed more than 5 percent on Wednesday after it announced an agreement that's likely to boost sales.

Nokia, a Finnish telecom company, will have expanded access to Samsung's patented technologies under an intellectual property agreement. It is expected to boost Nokia's net sales starting in the third quarter, according to a statement.

In particular, Nokia's patent and brand licensing sales are expected to grow at a run rate of 950 million euros by the end of this year, the company said.

"With intellectual property portfolios from Nokia Technologies, Nokia Networks and Alcatel-Lucent, Nokia has a wealth of technologies relevant to mobile devices and beyond," Ramzi Haidamus, president of Nokia Technologies, said in a statement.

Nokia's shares are down nearly 16 percent so far this year.

— The Associated Press contributed to this report