On July 8, 2010 AOL Inc. completed the sale of its instant messaging service ICQ to the Russian holding firm Digital Sky Technologies Limited, registered in the British Virgin Islands. ICQ was sold for US $187.5 million in cash. The deal is subject to certain post-closing adjustments based on the amount of cash, working capital and indebtedness of the ICQ operations at closing.
AOL entered into a Securities Purchase agreement with BVI-based Digital Sky Technologies for the sale of its ICQ operations on April 28, 2010. The company is planning to use the money from this deal for buying media properties, paying some of its debt, or just covering some ad revenues.