New York, July 25, 2016 -- Verizon Communications Inc. ("Verizon" or "the company") announced today it has entered into a definitive agreement to acquire Yahoo! Inc.'s ("Yahoo") operating business for approximately $4.83 billion in cash. The deal, which Moody's expects to close in the first quarter of 2017, is subject to customary closing adjustments and conditions and approval by Yahoo's shareholders and regulators. The sale does not include Yahoo's cash, its shares in either Alibaba Group Holdings or Yahoo Japan, Yahoo's convertible notes, certain minority investments, and Yahoo's non-core patents. The proposed deal will not impact Verizon's Baa1 rating or stable outlook.

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