Ailing Finnish phone maker Nokia Oyj (NYSE: NOK) said it agreed to sell an application tools unit acquired in 2008 to a local partner as well as 500 wireless patents to Vringo (NYSE: VRNG) of New York City in a bid to raise cash.
Terms weren't disclosed. Nokia acquired the Qt app-tools unit in 2008 before it started to rely on mobile software from new partner Microsoft (Nasdaq: MSFT), the world's biggest software company. It acquired the unit, then known as Trolltech, for $150 million.
Nokia also said Vringo will pay for the patents, including 109 issued in the U.S. over time with cash and "certain ongoing rights" from royalty payments.
The Finnish phone maker has reported record losses so far in 2012 and is trying to regain market share with its Microsoft-based Lumia phones. Nokia's American Depositary Receipts rose 15 cents, or 5.6 percent, to $2.82 in pre-market trading.