US chipmaker Qualcomm has reached a multi-year, broad patent licensing and purchase agreement with Huawei Technologies even as the Chinese tech company faces US sanctions.

Under the deal announced Monday, San Diego-based Qualcomm will cross-license technologies spanning 5G, compute, artificial intelligence, and networking. Additionally, Qualcomm will purchase select US patents from Huawei within the same tech fields.

While the companies did not disclose the exact financial terms, Nikkei Asia reported the deal's value exceeds $133.9 million, the threshold that could potentially trigger a mandatory antitrust review by the US Federal Trade Commission.

The deal will see Qualcomm license more than 680 Huawei patents, according to Nikkei. For Huawei, the deal is expected to push its accumulated revenue from intellectual property licensing past $6.9 billion, the report added.

"This agreement not only demonstrates the value of Huawei's innovations, but also recognizes Qualcomm's foundational contributions to modern communication technologies," said Huawei Chief Intellectual Property Officer Alan Fan.

The partnership comes amid ongoing regulatory crackdown on tech shipments to Huawei. Over the weekend, the US Bureau of Industry and Security reached a conditional settlement with Massachusetts-based software firm Lambda Research Corp. that would impose a suspended $2 million penalty for violating export controls.

The bureau found that Lambda transferred 47 updates to a subsidiary of Huawei and another Chinese company without required licenses.