In a $4.83 billion deal, Verizon Communications Inc will acquire Yahoo‘s operating business. This includes all core Yahoo’s business units including advertising, search, content, mail and mobile.

Yet, Yahoo’s stakes in Alibaba which now valued around $31.2 billion, Yahoo Japan and Yahoo’s patent portfolio worth around 1 billion is not part of the deal.

Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators, and advertisers. The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising,” said Lowell McAdam, Verizon Chairman and CEO.

Verizon will be looking to merge its earlier acquisition of AOL internet business with Yahoo. This will boost Verizon’s media and advertising businesses to effectively compete with internet giants Google and Facebook, who controls majority of the internet ads business.

Verizon now owns Yahoo for $4.83 billion worth deal

Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL. This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social” said Marissa Mayer, CEO of Yahoo.

In a separate blog post, Mayer said she plans to stay with Yahoo, but Verizon’s Marni Walden told CNBC that a new leadership team has yet to be determined.

Yahoo currently serves to a global audience of more than 1 billion users, including 600 million monthly active mobile users. The company owns premium content brands in major categories including finance, news, and sports. The popular Yahoo Mails 225 million monthly active users.

The deal is expected to close in early 2017. Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon will oversee the integration of Yahoo with AOL.

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