AOL Hires Evercore to Sell Patent Portfolio: Report

 
on March 24 2012 9:35 AM
AOL Inc. CEO Tim Armstrong (C) seen with other company representatives at the New York Stock Exchange
AOL Inc. CEO Tim Armstrong (C) seen with other company representatives at the New York Stock Exchange Reuters

(Reuters) - AOL Inc has received buyout offers from private equity firms and has hired Evercore Partners Inc to help it sell its over 800 strong patent portfolio, Bloomberg reported on Friday.

Providence Equity Partners Inc, TPG Capital and Silver Lake, among others, have approached AOL about taking the Internet company private, but no deal has been struck yet, Bloomberg cited sources as saying.

Activist hedge fund Starboard Value LP, which together with its affiliates owns 5.2 percent of AOL's stock, recently said it had been approached by several third parties who believe AOL's patent portfolio could produce more than $1 billion in licensing income if properly monetized.

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