Washington, Apr 10 (ANI): New York-based Internet firm for AOL has announced that it would sell 800 of its patents and licence others to software giant Microsoft for about 1.06 billion dollars in cash.
AOL said that after the sale the company should have about 15 dollars per share of cash on hand.
According to News24, AOL shares jumped 7.78 dollars or 43 percent, to 26.20 dollars in morning trading, adding about 750 million dollars to its market capitalisation.
AOL also received a license to the patents being sold to Redmond, Washington-based Microsoft.
AOL Chair and CEO Tim Armstrong said that 'the combined sale and licensing arrangement unlocks current dollar value for our shareholders and enables AOL to continue to aggressively execute on our strategy to create long-term shareholder value.'
The firm currently owns news sites like Huffington Post, Engadget and Techcrunch, but still makes much of its money by providing dial-up Internet access. (ANI)
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