Apple settles Chinese dispute by buying iPad name for $60 million

Apple has resolved its long-running dispute over the iPad name in China, which has seen it barred from selling the tablet device in the country's mainland. The US giant has bought the rights to the name "iPad" from its Chinese owner Proview Technology for $60m.

Formerly in China, the iPad trademark had belonged to the Shenzhen company Proview, which used it to name a desktop computer. It was an acronym that meant "Internet Personal Access Device".  Apple thought it had bought the rights to use the moniker in a previous transaction with Proview.

However, that deal was struck with the Taipei branch of Proview, and did not include the rights to use the name in mainland China. The new deal does.

It is also reported in China Daily that the $60m paid by Apple for the trademark to be transferred to the Cupertino company has prevented Proview from entering bankruptcy.

Apple is now able to sell the iPad, iPad 2 and new iPad in China as it sees fit.

"All parties involved have agreed on a settlement," said Xie Xianghui, lawyer for Proview Shenzhen. "Proview and Apple now no longer have a dispute over the iPad trademark."