Russia's DST To Snap Up AOL ICQ Unit For $188M

Law360, New York (April 28, 2010, 3:25 PM EDT) -- AOL Inc. has agreed to sell its ICQ instant messaging service to Russia's Digital Sky Technologies Ltd. for $187.5 million, the latest move in the Internet company's effort to recover from an ill-fated marriage to media conglomerate Time Warner Inc.

The sale, announced Wednesday, was hailed by AOL chairman and CEO Tim Armstrong, who said the company was “fortunate to find a great home” for ICQ with Moscow-based DST, the largest Internet services company in the Russian-speaking and Eastern European markets.

“DST is a leading innovator...
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