marissa-mayer-yahooSeveral days ago, we reported that according to the rumors, Verizon and Yahoo were close to inking a deal that would see Verizon acquire Yahoo’s internet business. While there have been reports of other companies such as Google being interested, Verizon has remained at the forefront of the rumors.

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Turns out the rumors were spot on as Verizon has officially announced that they will be acquiring Yahoo and its operating business for around $4.83 billion in cash. This means that Yahoo’s advertising, content, search, and mobile operations are expected to be transferred and merged with AOL, which is also owned by Verizon.

In a statement by Marissa Mayer, the CEO of Yahoo, “Yahoo and AOL popularized the Internet, email, search and real-time media. It’s poetic to be joining forces with AOL and Verizon as we enter our next chapter focused on achieving scale on mobile.” As per the press release, the acquisition will leave Yahoo’s cash alone, along with its shares in Alibaba and Yahoo Japan.

Also as per our previous report, it seems that this acquisition will not cover Yahoo’s non-core patents. This acquisition is not final yet as it will pend the approval by regulators, but assuming it goes through, Verizon expects it to close in Q1 of 2017.

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