Apollo Funds complete Yahoo acquisition
The deal is worth $5 billion (over Rs 36,000 crore). Verizon has retained a 10 per cent stake in Yahoo.
Hyderabad: Apollo Global Management announced that funds managed by its affiliates have completed the acquisition of Yahoo, formerly Verizon Media. With the close of the transaction, Yahoo will now operate as a standalone company under Apollo Funds.
The deal is worth $5 billion (over Rs 36,000 crore). Verizon has retained a 10 per cent stake in Yahoo.
“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 at Apollo.
Apollo will 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.”
For nearly 30 years, Yahoo created nearly 900 million monthly active users worldwide, making it the third-largest property on the internet. Apollo’s investment will enable new growth for Yahoo, benefiting consumers, advertisers, publishing partners, and employees.
