SEOUL, South Korea (AP) – South Korea’s LG Electronics Inc. has signed a patent cross-licensing agreement with Microsoft Corp. covering a variety of hardware and software products, the companies said Thursday.

Through the agreement, LG will obtain access to Microsoft’s patents that may be used in its products such as computers and other home appliances.

Redmond, Washington-based Microsoft will gain access to LG’s patents relating to computer-related devices for its products, LG said. Microsoft will also use other patents developed by LG that are owned by MicroConnect Group, a U.S.-based business software developer, the joint statement added.

Financial terms were not disclosed and no specific details were given.

”We believe that the license arrangement with Microsoft provides appropriate recognition of the value of LG’s computer system-related patents, which includes patents directed to computer architecture utilized in game consoles and other products,” Jeong Hwan Lee, executive vice president of LG’s intellectual property center, said in a statement.