Yahoo Closes Sale Of Operating Business To Verizon;company To Be Re-Named Altaba

(RTTNews) - Yahoo! Inc. (YHOO) said that it completed the sale of its operating business to Verizon Communications Inc. for about $4.48 billion, subject to certain pre-closing and post-closing adjustments. Yahoo will change its name to "Altaba Inc." on June 16, 2017.

Given the inherent changes to Marissa Mayer's role with Yahoo resulting from the closing of the transaction, Mayer has chosen to resign from Yahoo, Verizon said.

Following the sale, Yahoo said that its remaining assets consist of an approximately 15% equity stake in Alibaba Group Holding Limited; an approximately 36% equity stake in Yahoo Japan Corporation; cash, cash equivalents and marketable debt securities; certain minority investments; and Excalibur IP, LLC, which owns certain patent assets that were not core to Yahoo's operating business. Its retained liabilities include the Company's 0.00% convertible senior notes due 2018; shareholder litigation; and certain liabilities relating to data breaches incurred by Yahoo.

Yahoo's headquarters have been relocated to New York City.

Upon the closing of the sale, each of David Filo, Eddy Hartenstein, Richard Hill, Marissa Mayer, Jane Shaw, Jeffrey Smith and Maynard Webb, Jr. resigned from Yahoo's board of directors. The remaining directors are Eric Brandt (Chairman), Tor R. Braham, Catherine J. Friedman and Thomas McInerney.

Also upon the closing, Mr. McInerney became the Company's Chief Executive Officer, Alexi Wellman became its Chief Financial and Accounting Officer, and DeAnn Fairfield Work became its Chief Compliance Officer. Arthur Chong continues to serve as the Company's General Counsel and Secretary, Yahoo said.

Yahoo noted that its common stock will continue to trade on the NASDAQ Global Select Market under the ticker symbol "YHOO" through June 16, 2017. Beginning on June 19, 2017, shares of common stock of Altaba Inc. will begin trading under the ticker symbol "AABA".