Apple and Qualcomm came to a surprise agreement to end their legal battle earlier this week. The deal included a one-time payment from Apple to Qualcomm, though neither company was willing to disclose the value of the payment. Now, analysts are trying to gauge the details of the deal.

Ecobee HomeKit Thermostat

In a note to investors today, obtained by CNBC, UBS analyst Timothy Arcuri said that it is likely Apple paid between $5 billion and $6 billion as part of the settlement. Apple and its suppliers had been withholding royalty payments from Qualcomm, likely valued somewhere over $7 billion according to reports.

If the UBS estimate is in the ballpark of being correct, it’s unclear of how that number compares to what Apple had withheld from Qualcomm during the duration of trial. Both Apple and its suppliers were withholding royalty payments to the chipmaker, and most recent estimates valued that withholding at around $7.5 billion.

Furthermore, UBS estimates that Apple will pay Qualcomm between $8 and $9 in patent royalties per iPhone. UBS bases this estimate on Qualcomm’s revision to its earnings, which included a $2 increase in earnings per share.

Apple had been paying $7.50 to Qualcomm per iPhone sold, so this is a notable increase for Qualcomm from a royalties standpoint.

With a deal like this, there are many nuances that make it hard to determine who exactly is the “winner.” For instance, the $8-$9 royalty might not tell the whole story. Furthermore, because of the deal, Apple gains access to 5G modems for the iPhone – which is a huge benefit from its point of view.

It’s possible that we will see the effects of this deal in Apple’s quarterly earnings statement at some point. If so, we should be able to decipher more about the one-time payment Apple made to Qualcomm.

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