With the close of the transaction, Yahoo will now operate as a standalone company under Apollo Funds. Verizon has retained a 10% stake in Yahoo.
Apollo Global Management, Inc. (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by its affiliates (the “Apollo Funds”) have completed the acquisition of Yahoo – formerly Verizon Media.
“We look forward to partnering with Yahoo’s talented employee base to build on the company’s strong momentum and position the new Yahoo for long-term success as a standalone consumer internet and digital media leader,” said Reed Rayman, Partner, Apollo. “We couldn’t be more excited about this next chapter for Yahoo as we look to invest in growth across the business, including accelerating its customer-first offerings and commerce capabilities, expanding its reach, and enhancing the daily user experience.”
“This is a new era for Yahoo,” said, Guru Gowrappan, CEO, Yahoo. “The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity. We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and a brand, and we look forward to creating that future with our new partners.”