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You can find the current article at its original source at https://www.theguardian.com/technology/2016/jul/25/yahoo-to-sell-core-web-business-to-verizon
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| Yahoo to sell core web business to Verizon for nearly $5bn | Yahoo to sell core web business to Verizon for nearly $5bn |
| (35 minutes later) | |
| Verizon has confirmed it has agreed to buy Yahoo’s core internet business for $4.83bn (£3.62bn) in cash, ending a lengthy sale process for the fading web pioneer. | Verizon has confirmed it has agreed to buy Yahoo’s core internet business for $4.83bn (£3.62bn) in cash, ending a lengthy sale process for the fading web pioneer. |
| Buying Yahoo’s operations will boost Verizon’s AOL internet business, which it bought last year for $4.4bn, by giving it access to Yahoo’s advertising technology tools BrightRoll and Flurry, as well as other assets such as search, mail and messenger. | |
| Related: By the numbers: why big-name businesses are bidding for Yahoo | Related: By the numbers: why big-name businesses are bidding for Yahoo |
| The deal, expected to be complete in 2017, marks the end of Yahoo as an operating company, leaving it with a 15% stake in Chinese e-commerce company Alibaba and a 35.5% interest in Yahoo Japan. | |
| “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,” Yahoo’s chief executive, Marissa Mayer, said in a statement on Monday. | “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,” Yahoo’s chief executive, Marissa Mayer, said in a statement on Monday. |
| Yahoo will continue as an independent company until the deal receives shareholder and regulatory approval, the companies said. | |
| In a Tumblr blog post, Mayer said she planned to stay at Yahoo, but Verizon’s Marni Walden, who will head the combined company, told CNBC the new leadership team has yet to be determined. | |
| The sale does not include 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. | The sale does not include 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. |
| The Alibaba and Yahoo Japan investments are worth about $40bn, while Yahoo had a market value of about $37.4bn as of Friday’s close. | The Alibaba and Yahoo Japan investments are worth about $40bn, while Yahoo had a market value of about $37.4bn as of Friday’s close. |
| Verizon prevailed over rival bidders for Yahoo, including AT&T; a group led by Quicken Loans founder Dan Gilbert and backed by billionaire Warren Buffett; private equity firm TPG Capital; and a consortium of buyout firms Vector Capital and Sycamore Partners. | |
| Under pressure from activist investor Starboard Value, Yahoo launched an auction of its core business in February after shelving plans to spin off its stake in Alibaba. |