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July 25, 2016 / 8:27 AM

Verizon announces acquisition of Yahoo! for $4.83B

The deal establishes Verizon as a competitor to Google and Facebook for digital advertising.

A board on the floor of the NYSE shows Verizon shares trading down after the opening bell at the New York Stock Exchange on Wall Street in New York City on July 25, 2016. Verizon Communications on Monday announced plans to acquire Yahoo for $4.8 billion in cash. Photo by John Angelillo/UPI

1 of 3 | A board on the floor of the NYSE shows Verizon shares trading down after the opening bell at the New York Stock Exchange on Wall Street in New York City on July 25, 2016. Verizon Communications on Monday announced plans to acquire Yahoo for $4.8 billion in cash. Photo by John Angelillo/UPI | License Photo

BASKING RIDGE, N.J., July 25 (UPI) -- Verizon Communications Inc. announced its acquisition of Yahoo! Inc. on Monday, for $4.83 billion in a cash purchase.

Yahoo! has more than 1 billion active users through its Internet search, communications and digital content products. Verizon is the United States' largest cellphone provider.

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"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," Verizon Chairman and CEO Lowell McAdam said in a statement.

The deal will create a union of global brands that include online publishers Huffington Post, TechCrunch and Engadget, and indicates Verizon seeks to compete with Google and Facebook, each an Alphabet Inc. property, in digital advertising.

The acquisition remains subject to regulatory approval and endorsement by Yahoo! shareholders, and is expected to be in place the first quarter of 2017.

Yahoo! has about 8,000 employees, half of whom work at its Sunnyvale, Calif., headquarters. Verizon has about 173,000 employees worldwide, and is based in Basking Ridge, N.J.

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