Verizon has announced it is selling Yahoo and AOL to a private equity firm for $5 billion.
The American wireless network operator announced this on Monday. It said it would sell the two tech companies to Apollo Global Management Firm.
According to the statement, “The deal with Apollo Global Management also includes the entire Verizon Media unit, including the advertising tech operations of the two brands.
“Verizon will retain a 10 percent stake in the company, which will continue to be led by chief executive Guru Gowrappan, the company said in a statement.”
Commenting on the development, the private equity partner at Apollo, Reed Rayman said: “We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,”
“We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”
In the same vein, David Sambur, the co-head of private equity partner at Apollo added, “We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms.”