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 has gapped open dramatically higher this morning and is now up 6.62 at $25.04 on above average volume. The stock has jumped to a new high for the year.
by RTT Staff Writer
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