Verizon announced on Monday morning it will buy Yahoo for $4.83 billion in cash. It is the end of a closely scrutinized, six-month sale process.
Yahoo first put itself up for sale in February and it fielded multiple bids from many different types of buyers — supposedly as many as 40 at one point. Those included AT&T; Quicken Loans founder Dan Gilbert with financial backing from Berkshire Hathaway CEO Warren Buffett; and private equity firms TPG and Vector Capital Management.
According to Re/code, Yahoo informed the other bidders on Saturday that Verizon had won the process.
“Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL,” said Yahoo CEO Marissa Mayer in a press release. “The sale of our operating business, which effectively separatesRead More »from Verizon buys Yahoo for $4.8 billion after long sale process