Qualcomm and Broadcom have announced that they have entered into a settlement and multi-year patent agreement.

The agreement will mean the dismissal of all litigation between the companies, including all patent infringement claims that were ongoing at the International Trade Commission, US District Court in Santa Ana, the European Commission and the Korea Fair Trade Commission.

Under the agreement, Qualcomm will pay Broadcom $891 million over a 4-year period and the companies have now granted certain rights to each other under their respective patent portfolios, agreeing to stop suing the pants off each other.

"We believe that this resolution is positive for both Qualcomm and Broadcom, our customers, our partners and the overall industry", said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm, and Scott A. McGregor, president and CEO of Broadcom in a statement.