March 23, 2012 / 10:03 PM / 5 years ago

AOL hires Evercore to sell patent portfolio: report

AOL Inc. Chief Executive Tim Armstrong (C) rings the opening bell with company representatives at the New York Stock Exchange, December 10, 2009.Brendan McDermid

(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.

AOL was not available for comments immediately. (Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das)

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