Verizon acquires Yahoo for $4.8 billion

After five months of vigorous searching, finally Yahoo got its partner and ‘strategic alternatives’ in Verizon Communications Inc. The US telecom giant has agreed to acquire struggling interned giant at $4.8 billion in cash.

After this announcement Marissa Mayer’s Yahoo’s share was down 2.7 percent.

In an interview with CNBC’s “Squawk Box”, Verizon president of product innovation and new businesses, Marni Walden said, “Yahoo gives us scale and that’s what’s most critical here. We go from being in the millions of audience to the billions. We want to compete and that’s the place that we need to be, so we’re very pleased with where we are today.”
The deal includes Yahoo to give its core operating business and patents to Verizon. The company is expecting to complete the deal by the first quarter of 2017,\ subject to approval of Yahoo shareholders and regulators.

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