After months of negotiations and cyber security threats, New York-based Verizon will finish its takeover of web giant Yahoo. According to a recent email sent out to Yahoo email account users, the terms and conditions of using Yahoo’s services will undergo changes once the deal is complete. There have been months of speculations if Verizon would continue with the deal since Yahoo has continued to have problems with hackers and compromising user information. the security breech affected more than 1 billion users.
Earlier in 2017, Verizon did make some modifications to its deal with Yahoo. An announcement was made in January that Marissa Mayer will leaving her post as a member of Yahoo‘s board once the 4.8 Billion sale to Verizon is complete. According to NBC News, Verizon made the announcement as a part of its filing with the Securities and Exchange Commission. Yahoo co-founder David Filo will leave once Verizon takes control of its operating business. Several other board member will also leave after the transition, NBC News reported. Mayer, who previously said she would stay with Yahoo after the Verizon sale, has not made an announcement about her future with Yahoo.
In addition to the board changes, Verizon will also change the name of Yahoo’s partnership business with Chinese wholesale retail provider Alibaba. The new name of the partner business will be Altaba.
The deal with Yahoo is among Verizon’s expansion in the past year. The telecommunications recently signed a $3.1 billion agreement to acquire Straight Path Communications Inc. , a holder of millimeter wave spectrum configured for 5G wireless services.
Verizon will purchase Straight Path for $184.00 per share in an all-stock transaction. The deal is anticipated to close within nine months, subject to FCC review. In February 2017 purchased fiber optic operations from XO Communications group for $1.8 billion.