Last week there were reports that Microsoft was looking to get rid of some of the patents the Redmond company acquired from AOL in a $1 billion deal and that Facebook was interested in those patents.
Microsoft have since confirmed that Facebook will be purchasing some 650 patents and patent applications from Microsoft, for the sum of $550 million. In addition the social network company will be getting “…a license to the AOL patents and applications that Microsoft will purchase and own.”
Microsoft will retain around 275 patents, according to a press release from the company, as well as a license on all of the patents Facebook will be purchasing.
General counsel for Facebook Ted Ullyot said, “Today’s agreement with Microsoft represents an important acquisition for Facebook. This is another significant step in our ongoing process of building an intellectual property portfolio to protect Facebook’s interests over the long term.”