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Posted on June 9, 2017 by staff

Yahoo shareholders approve $4.48bn sale to Verizon

Yahoo shareholders approve $4.48bn sale to Verizon

Marissa Mayer is to step down as Yahoo CEO
Marissa Mayer is to step down as Yahoo CEO

Shareholders in Yahoo have officially approved the sale of the company to Verizon for $4.48 billion.

The deal, which is expected to be finalised on Tuesday, will see Yahoo and AOL merge into a combined brand named Oath.

Marissa Mayer is to step down as Yahoo CEO while AOL is planning more than 2,000 redundancies.

The cost of the deal was lowered by $350 million following news of a huge hacking attack on Yahoo users’ passwords and personal information.