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Yahoo abandons fight, sells internet business to Verizon for US$4.8B

John Ribeiro | July 26, 2016
After the sale Yahoo will be left with cash, investments in Alibaba and Yahoo Japan, and some patents.

A powerful investor group, Starboard Value, said that the proposed spin off of Aabaco was not Yahoo’s best option. It prevailed on Yahoo to instead explore the sale of its core business of search and display advertising, while leaving its ownership stakes in Alibaba and Yahoo Japan in the existing corporate entity.

Verizon’s rivals in the auction were mainly private-equity firms such as Bain Capital, Vista Equity Partners, TPG and Advent International besides a group led by Quicken Loans founder Dan Gilbert, according to reports. AT&T is also said to have participated in the bidding.

 

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