AOL Inc. AOL?-0.16% agreed Monday to sell more than 800 patents and related applications, along with a nonexclusive license to its remaining portfolio of patents, to Microsoft Corp. MSFT?+0.98% for about $1.1 billion.
?The agreement with Microsoft represents the culmination of a robust auction process for our patent portfolio,? said AOL Chief Executive Tim Armstrong.
The deal comes as the race for patents has heated up in the tech space. Among other recent deals, Google Inc. GOOG?-0.45% agreed to acquire Motorola Mobility Holdings Inc. MMI?-0.32% last year for about $12.5 billion, partly to secure its lucrative patent portfolio, and a number of bidders pursued Nortel Networks Corp.?s patents at auction as well.
via AOL to Sell Patents to Microsoft for $1.1 Billion ? WSJ.com.
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