Verizon Communications Inc has closed a deal to buy out Yahoo Inc's internet business for $4.83 billion.
The move will boost Verizon's AOL business, which it bought last year for $4.4 billion. Verizon will now own Yahoo's advertising technology, as well as its search function, mail, and messenger.
"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.