Now that AOL can put the whole Starboard ordeal in the past, one of the bigger business transactions that was caught in the executive crossfire has inally reached its conclusion: the company announced today that it completed its sale of hundreds of patents to Microsoft.
The transaction included the sale of over 800 patents and their related patent applications to Microsoft, who will retain non-exclusive license to its retained patent portfolio for aggregate proceeds of $1.056 billion. Part of the transaction will ensure that AOL will keep a license to over 300 patent and patent applications related to various aspects of the technology industry, everything from social networking to search and advertising.
“The closing of this transaction represents another major step for AOL in increasing value for our shareholders,” said AOL CEO and Chairman Tim Armstrong. “As our track record has shown, you should expect us to continue our momentum of creating and unlocking shareholder value through continued operational improvements and executing on our strategy.”
As previously announced, AOL intends to return 100% of the proceeds to shareholders.
Showing slight signs of recovery from Starboard's sell-off of 425,000-plus company shares yesterday, AOL's stock was up 1.64% following the announcement that the transaction with Microsoft was complete.