Verizon Communications (NYSE:VZ) Monday morning announced plans to acquire the “operating business” for Yahoo! (NASDAQ:YHOO) for approximately $4.83 billion in cash. The deal aims to expand the company’s digital reach and does not include Yahoo’s share in the Chinese online retail giant Alibaba or Yahoo Japan–its “most valuable assets.”
“Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL,” Marissa Mayer, CEO of Yahoo, said. The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo. This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social.”
Until the deal closes, Yahoo will continue to operate under independently of Verizon and is subject to customary closing conditions as well as approval by Yahoo’s shareholders and regulators. It is expected to close in the first quarter of 2017.
“Our mission at AOL is to build brands people love, and we will continue to invest in and grow them,” Tim Armstrong, CEO of AOL, said. “Yahoo has been a long-time investor in premium content and created some of the most beloved consumer brands in key categories like sports, news and finance.”
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