Verizon set to boast one billion users with purchase of Yahoo

Verizon set to boast one billion users with purchase of Yahoo

US telecoms giant Verizon said it will a create mobile media giant with one billion users after snapping up Yahoo for US$4.83bn.

Verizon said the deal will create a combined company with more than 25 brands, which will be primed for "continued investment and growth".

However, the sale will not include Yahoo's cash, its shares in Alibaba Group Holdings and its shares in Yahoo Japan, which will continue to be held by Yahoo under a publicly traded investment company.

Marissa Mayer, chief executive of Yahoo, said: "Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL.

"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.

"This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social."

Verizon said the tie-up will still need to win the approval of Yahoo's shareholders and get the green light from regulators.

It expects the takeover to be complete in the first quarter of next year.

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