$4.5 billion deal finally expected to close next Tuesday.
Yahoo shareholders this week voted in favour of selling the company’s core Internet assets to Verizon, finally paving the way for the transaction to close.
Verizon originally agreed to acquire Yahoo in July 2016, in a deal valuing the business at $4.83 billion. However, revelations about major cyberattacks suffered by Yahoo before the deal was struck, led to the purchase price being reduced by $350 million.
As well as agreeing a discount on the price, Verizon and Yahoo agreed to share certain legal and regulatory liabilities arising from the massive data breaches. As part of that deal, Verizon also agreed not to consider the hacks as affecting whether certain closing conditions had been met.
"Yahoo anticipates that the sale transaction will close on June 13, 2017. As previously announced, following the closing…the company will change its name to ‘Altaba Inc.’ and register as an investment company," Yahoo said, in a brief statement on Thursday.
Verizon’s newly-acquired Yahoo assets will be merged with AOL, which the U.S. telco bought in 2015 for $4.4 billion. The combined company will be renamed Oath, and will be led by former AOL chief executive Tim Armstrong.
A Recode report earlier this week claimed that Verizon plans to axe 1,000 jobs across AOL and Yahoo, mainly cutting duplicated roles.
However, a separate report by Bloomberg on Thursday put the redundancies at 2,100.