Digital Sky Technologies to acquire AOL's ICQ instant messaging service

AOL Inc. (NYSE:AOL - News) and Digital Sky Technologies Limited (DST), the largest Internet company in the Russian-speaking and Eastern European markets, announced today that they have reached an agreement for DST to acquire ICQ – the leading instant messaging service in Russia and a number of other international markets – for $187.5 million. DST, together with its affiliate DST Global, also hold stakes in Internet world leaders such as Facebook, Mail.ru, Odnoklassniki, Zynga and GroupOn, Reuters reports.

“The acquisition of ICQ is a strategic enhancement of our business in Russia and Eastern Europe. ICQ’s long-standing brand name and its sizeable loyal customer base together represent a very attractive opportunity to further strengthen our position in the region,” said Yuri Milner, Chief Executive Officer of DST.