Private equity giant Apollo Management completed its acquisition of Yahoo in a deal valued at $5B in cash.
Yahoo (formerly owned by Verizon) will operate as a standalone company under Apollo Global Management. Yahoo CEO Guru Gowrappan shared:
“This is a new era for Yahoo. The close of the deal heralds an exciting time of renewed opportunity for us as a standalone entity. We anticipate that the coming months and years will bring fresh growth and innovation for Yahoo as a business and a brand, and we look forward to creating that future with our new partners.”
Apollo acquired Yahoo and its properties — including TechCrunch, AOL, Engadget, and RYOT. With over 900 million active users each month, Apollo’s acquisition could redirect Yahoo from its rocky history of widespread security issues, acquisition flubs (remember Tumblr?), poor leadership, etc.
Apollo Partner Reed Rayman commented:
“We look forward to partnering with Yahoo’s talented employee base to build on the company’s strong momentum and position the new Yahoo for long-term success as a standalone consumer internet and digital media leader.”
Could the 2020’s welcome another era of Yahoo and AOL?