Verizon acquires Yahoo for $4.83 bn

After 20 years of running as an independent company, Yahoo is finally being bought by American telecoms firm, Verizon Communications.

BREAKING: Verizon confirms $4.83 billion buyout of online pioneer Yahoo, marking end of an era for company that once defined the internet.

— The Associated Press (@AP) July 25, 2016

Verizon has agreed to purchase the pioneer web and search portal for $4.83 billion in cash.

In a statement released on Monday, Yahoo CEO Marissa Mayer 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” and added that she was planning to stay and see Yahoo into it’s next chapter.

Yahoo will benefit from Verizon's tremendous scale and distribution, CEO Marissa Mayer says https://t.co/VNvN6jP9B0 https://t.co/JDP7vjlJHp

— Bloomberg TV (@BloombergTV) July 25, 2016

However, the deal does not included Yahoo’s cash, its shares in Alibaba, its shares in Yahoo Japan, Yahoo’s convertible notes, certain minority investments and Yahoo’s non-core patents.

Yahoo's stock history over the past 20 years is fascinating https://t.co/S60LXa7YJB

— CMO Today (@wsjCMO) July 25, 2016

The deal is expected to boost Verizon’s AOL internet business which it bought last year for $4.4 billion.