InterDigital (IDCC) up 27% on partial patent sale to Intel

Tom Paine

King of Prussia-based InterDigital (NASDAQ: IDCC) saw its stock soar as much as 30% today after announcing the sale of some 1700 patents to Intel for $375 million in cash. This intellectual property represents only a portion of InterDigital's total trove of some 20,000 patents. The patents sold cover 3G and LTE wireless technology and WiFi connectivity.

Last year, InterDigital considered selling its entire patent portfolio, but wasn't satisfied with the bids it received.

“This transaction, which involves a small portion of our overall patent portfolio, marks an important milestone of InterDigital’s stated strategy of expanding the monetization of its large and growing intellectual property portfolio", said Scott McQuilkin, Senior Executive Vice President, Strategy and Finance for InterDigital, in a statement.

Separately, InterDigital also announced today that it was doubling its share repurchase program to $200 million.



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