Verizon confirms buyout of Yahoo
It’s finally over. Verizon has just confirmed the $4.83 billion buyout of Yahoo, putting an end to a long period of speculation regarding the sale of the Web pioneer.
Verizon Communications Inc. has purchased Yahoo’s core internet business. The deal will help increase its AOL internet business, for which Verizon paid $4.4 billion in 2015.
The $4.83 billion deal marks the end of the online pioneer as an operating company. Yahoo Chief Executive Marissa Mayer said in a statement today that the sale of the company’s operating business, which effectively separates its Asian asset equity stakes, “is an important step in our plan to unlock shareholder value for Yahoo.”
According to Reuters, the sale excludes Yahoo’s cash, its 15 percent take in Chinese e-commerce company Alibaba, the 35.5 percent interest in Yahoo Japan Corp, the company’s convertible notes, some minority investments and Yahoo’s non-core patents.
More to follow.