Yahoo is being acquired by Verizon for $5 billion

Verizon is all set to acquire Internet giant Yahoo in a deal worth $5 billion, according to a recent report. The deal has been finalized, although an official announcement is yet to be made (expected as soon as today).
The report says that other bidders - including a group led by Quicken Loans’ Dan Gilbert and private equity firm TPG - have been informed about the outcome of the months-long negotiations. The terms of the deal are yet to be revealed.
It's worth mentioning that as of now only an agreement over the deal has been reached - the acquisition is yet to clear regulatory hurdles. The report also notes that current Yahoo CEO Marissa Mayer will be replaced by AOL boss Tim Armstrong after the deal completes.
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