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Shares in Singapore-based Creative Technology surged in early trading on Thursday after the company and Apple resolved a long-running patent dispute.
Creative stock was trading at S$12, up 25 percent on the day, as of 9:45am local time (01:45 GMT Thursday) on the Singapore Exchange. Earlier in the session it had climbed as high as S$13.20.
Under the terms of an agreement announced earlier in the day, Apple will pay Creative US$100 million for a license to use a patent covering the user interface. The deal ends all litigation between the two companies, which had grown to five pending lawsuits.
Additionally, Apple can license the patent to other companies and Creative will later this year start making iPod accessories under Apple’s “Made for iPod” program.
— Martyn Williams
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