Web services provider AOL Inc. (AOL: Quote) Friday said it completed the previously announced $1.056 billion patent transaction with Microsoft Corp. (MSFT: Quote).
In April, software giant Microsoft agreed to buy more than 800 patents and obtain non-exclusive license over 300 additional patents from AOL. The transaction includes the sale of over 800 patents and their related patent applications, and grants Microsoft a non-exclusive license to its retained patent portfolio for aggregate proceeds of $1.056 billion in cash.
"The closing of this transaction represents another major step for AOL in increasing value for our shareholders," said Tim Armstrong, Chairman and CEO of AOL.
New York-based AOL said it retained portfolio of patents related to core and strategic technologies, which include advertising, search, content generation/management, social networking, mapping, multimedia/streaming, and security among others.
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by RTT Staff Writer
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