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News18 » Tech
1-min read

Yahoo Shareholders Approve Pending Sale of Core Business to Verizon

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd.

Reuters

Updated:June 9, 2017, 11:44 AM IST
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Yahoo Shareholders Approve Pending Sale of Core Business to Verizon
Yahoo Says all 3 Billion Accounts Hacked in 2013 Data Theft (PHOTO: GETTY IMAGES)
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Yahoo Inc shareholders on Thursday approved the company's pending sale of its core internet business to Verizon Communications Inc (VZ.N) for $4.48 billion, according to preliminary results from a shareholder meeting.

Read more: 5 Best Budget Android Smartphones From Xiaomi

Yahoo expects that the deal will close on June 13, 2017.

The company also said it extended a tender offer to buy back up to $3 billion shares to June 16 from June 13.

Read more: Oppo F3 Plus Gets Price Cut, Now Available For Rs 27,990

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

Read more: 5 Best Budget Android Smartphones From Xiaomi

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent stake in Yahoo Japan Corp (4689.T).

Read more: HTC U11 Flagship Phone Gets Listed on India Website, May Launch Soon

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| Edited by: Krishna Sinha Chaudhury
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