Microsoft and AOL have finalised their $1.05bn patent deal.
The companies confirmed late Friday that the transaction had been completed, giving Microsoft control of AOL's patent portfolio and bringing the company a much-needed cash infusion.
"The closing of this transaction represents another major step for AOL in increasing value for our shareholders," said chief executive 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."
The two companies first announced the deal in April, hailing the agreement as a mutually beneficial transaction.
AOL has long sought out a lucrative patent sale as part of a long-term strategy to rebuild the internet service provider into an online content portal. The company said that all proceeds from the transaction will be distributed to its shareholders.
Microsoft, meanwhile, has sought out patents both as a means of making money from licensing agreements and as a valuable tool for settling patent infringement litigation. Microsoft is currently involved in high-profile cases with companies such as the Google-owned Motorola.
Earlier this year, Microsoft confirmed that it had signed a $550m deal with Facebook, granting the social network the right to purchase a large chunk of the AOL patents it was set to acquire.
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