Verizon Acquires Yahoo For $4.83 Billion

Telecom giant, Verizon Communications Inc has confirmed the acquisition of Yahoo Inc's core internet business for $4.83 billion.

The acquisition marks the end of an era for the US internet firm.

"The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo," Yahoo Chief Executive Marissa Mayer said in a statement on Monday.

The deal is expected to close in 2017′s first quarter.

The sale does not include Yahoo's cash, its shares in Alibaba, its shares in Yahoo Japan, Yahoo's convertible notes, certain minority investments and Yahoo's non-core patents.