Yahoo shareholders OK Verizon deal

By Technology FOXBusiness

FILE - This Jan. 14, 2015, file photo shows a sign outside Yahoo's headquarters in Sunnyvale, Calif. A new lawsuit accuses Yahoo of turning its back on Chinese dissidents that it promised to help after the company fingered other activists at the ... request of China's government. The allegations are outlined in a lawsuit filed Tuesday, April 11, 2017, in a Washington, D.C., federal court by a group of dissidents who contend Yahoo mismanaged a $17 million fund set up to provide them with financial aid. Yahoo created the fund a decade ago after being skewered in the U.S. Congress for its conduct in China. (AP Photo/Marcio Jose Sanchez, File) (AP)

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Yahoo (YHOO) shareholders on Thursday gave the final go-ahead for Verizon to acquire most of the Internet pioneer.

The $4.48 billion deal between Yahoo and Verizon is on track to close on June 13. Verizon, which received a discount on the original buyout price following the massive data breach at Yahoo, will combine the company’s digital assets with AOL under a new subsidiary called Oath. Yahoo will rename itself Altaba Inc., a holding company with a stake in the Chinese e-commerce giant Alibaba (BABA).

Shares in Yahoo rallied 8.5% to $54.84 in recent trading, reacting to Alibaba’s new outlook for sales growth of nearly 50% this year. Alibaba was up 11.4% at $139.90.

Also on Thursday, multiple reports suggested that Verizon would cut around 2,000 jobs once the Yahoo deal closes, or 15% of the combined Yahoo-AOL workforce.

Once Verizon’s takeover is complete, Yahoo CEO Marissa Mayer will step down. Mayer will receive a severance package worth up to $23 billion, according to a company filing.

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