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Microsoft's $1 billion AOL patent buy a done deal

Microsoft and AOL say the billion dollar patent deal the two announced in April is all wrapped up.

Microsoft's $1.06 billion deal with AOL to acquire some 800 patents and related applications has closed.

The two companies today said the deal, which was struck in April, has been completed.

"The closing of this transaction represents another major step for AOL in increasing value for our shareholders," AOL chairman and CEO Tim Armstrong said in a statement.

AOL says the all the proceeds from the patents will be returned to shareholders, and it will offer more specifics on that before the end of June.

In late April, Microsoft announced that it would assign Facebook "a portion" of the purchased patents and patent applications as part of a $550 million cash deal. Under that agreement, Facebook obtains ownership of some 650 of those AOL patents and patent applications, as well as a license to the AOL IP purchased by Microsoft.

The popular social network is currently involved in litigation with Yahoo over patent infringement claims, and purchased 750 of IBM's patents covering "software and networking" technologies to bolster its own portfolioin March. Meanwhile, Microsoft is believed to have eyed the AOL portfolio for patents related to search, online communications and multimedia.

Updated at 2 p.m. PT to clarify what Facebook gets as part of the deal.