26 July 2016 Current Affairs: American broadband telecommunication company, Verizon Communications Inc is all set to announce an agreement on coming Monday to buy Yahoo Inc for about 5 billion, according to a news report.
The announcement will come before the start of New York trading hours, the source added. The deal will end months of uncertainty about Yahoo's future after the company announced plans to review strategic alternatives in February.
The transaction would boost Verizon's AOL internet business, which the company acquired last year for $4.4 billion, by giving it access to Yahoo's advertising technology tools, as well as other assets such as search, mail, messenger and real estate.
It would also mark the end of Yahoo as an operating company, leaving it only as the owner of a 35.5 per cent stake in Yahoo Japan, as well as its 15 per cent interest in Chinese e-commerce company Alibaba Group Holding Ltd.