This Is A $187.5 Million Smile

AOL CEO Tim Armstrong at NYSE

AOL cleared $187.5 million cash selling instant messaging service ICQ to Russian holding firm DST, AOL reported in an SEC filing today.

The cash could help AOL buy a couple media properties, pay down some of its debt, or just ride-out a couple more quarters of terrible ad revenues.

From the note:

As previously announced, on April 28, 2010, AOL Inc., (the “Company”) entered into a Securities Purchase Agreement (the “Agreement”) with Digital Sky Technologies Limited, a British Virgin Islands company (“Digital Sky”), for the sale of the Company‘s ICQ operations (“ICQ”).

On July 8, 2010, the Company and Digital Sky completed the sale of ICQ for U.S. $187.5 million in cash, subject to certain post-closing adjustments based on the amount of cash, working capital and indebtedness of the ICQ operations at closing. The Company will file a copy of the Agreement as an exhibit to its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010.

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