[Techtaffy Newsdesk]

AOL has completed the $1.056 billion patent transaction with Microsoft. 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.

As a part of the transaction AOL also received a license to the patents being sold to Microsoft. AOL continues to hold a patent portfolio of over 300 patents and patent applications spanning advertising, search, content generation/management, social networking, mapping, multimedia/streaming, and security among others.

AOL will be returning 100 per cent of the patent proceeds to shareholders.

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AOL Inks $1Billion Patent Deal With Microsoft