In a development that will have many HTC fans as well as those getting tired of all the patent wars going on (who isn’t?) dancing in joy, HTC and Apple have settled all their patent disputes and entered a 10-year cross licensing deal, which will allow each company to license each other’s patents in the next decade.

While the reasons for the settlement aren’t known, and probably never will be, the deal will benefit both companies, with HTC now able to license Apple’s slide to unlock, universal search and portfolio of 4G patents, patents which Apple has left no stones unturned in suing Android manufacturers for, while Apple will benefit from the Taiwanese manufacturer’s standard essentials LTE patents that HTC could have used to block sales of the iPhone 5.

HTC and Apple have been involved in a legal tussle for quite some time now, with HTC having to make a few changes to their One X and EVO 4G LTE before they were approved by the ITC for sale in the US. While Apple may have all the moolah in their pockets to continue to fight it out in the courts, HTC isn’t as lucky and has seen their coffers rapidly losing money lately, so they’ll no doubt be the biggest beneficiary and be able to focus all their efforts on what is important.

Of course, this doesn’t mean that Apple will be sobering up and shaking hands with that certain South Korean-based company, but one can only hope that they do, as these patent battles are nothing but a barrier to choice for the consumer and innovation in matters that are important.

Read the short and sweet press release below.

All Patent Litigation Between the Companies Dismissed

TAIPEI, Taiwan and CUPERTINO, California—November 10, 2012—HTC and Apple® have reached a global settlement that includes the dismissal of all current lawsuits and a ten-year license agreement. The license extends to current and future patents held by both parties. The terms of the settlement are confidential.

“HTC is pleased to have resolved its dispute with Apple, so HTC can focus on innovation instead of litigation,” said Peter Chou, CEO of HTC.

“We are glad to have reached a settlement with HTC,” said Tim Cook, CEO of Apple. “We will continue to stay laser focused on product innovation.”