Verizon has entered into an agreement to buy Yahoo in an all-cash deal of $4.83 billion.
The deal will combine two pioneers of the early internet, AOL and Yahoo, under the umbrella of one of the America’s largest telecommunications companies. Verizon bought AOL for $4.4 billion last year. With the acquisition of Yahoo, Verizon gains the internet company’s 600 million monthly active mobile users, as well as its email service, Yahoo Finance, and Tumblr, which is popular among millennials.
The price tag for the deal is well below the $44 billion Microsoft offered for Yahoo in 2008.
In a statement, Verizon said it expects the deal to close in the first quarter of 2017, subject to approval of Yahoo shareholders and regulators.