AOL Inc. (AOL: Quote) announced Monday morning that it entered into a definitive agreement to sell over 800 of its patents and their related patent applications to Microsoft Corp. (MSFT: Quote) and to grant Microsoft a non-exclusive license to its retained patent portfolio, for aggregate proceeds of $1.056 billion in cash.
AOL Inc. gapped open dramatically higher Monday and climbed in early trade. The stock settled into a range for the majority of the session and finished up by 7.98 at $26.40 on the highest volume of the year. AOL broke out of a 2-month range and set a new high for the year.
by RTT Staff Writer
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