(Reuters) – AOL Inc said it would sell over 800 of its patents and related applications to Microsoft Corp , and would grant Microsoft a non-exclusive license to the patents it retains, for slightly over $1 billion in cash.
AOL’s shares jumped 37 percent to $25.16 in trading before the bell on Monday. They closed at $18.42 on Friday on the New York Stock Exchange.
The Internet company said it plans to return a “significant portion of the sale proceeds” to shareholders.
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