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AOL Inc. (AOL) Has Surged To A New High After Patent Sale

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4/9/2012 9:36 AM ET

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.

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by RTT Staff Writer

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