Yahoo’s stockholders approved a $4.48 billion Verizon acquisition of its core assets.
In a statement, the company predicted the transaction will close on 13 June, and confirmed it will “change its name to Altaba” following the completion.
The deal hit several setbacks as a result of revelations Yahoo suffered two major data hacks: one in 2014 impacting 500 million user accounts, and one in 2013 affecting more than 1 billion. The latter is the largest known data breach in history and Yahoo faced scrutiny by federal investigators and law makers ever since.
Yahoo also said it extended a tender offer to buy back up to $3 billion-worth of shares from 13 June to 16 June.
Once the deal closes, Verizon will merge the assets from Yahoo with its AOL business, acquired in 2015 for $4.4 billion, to form a business unit called Oath.
Earlier this week it was reported around 2,100 employees, or 15 per cent of the combined workforce, could be laid off at Oath because there will likely be an overlap in departments including human resources and marketing.
Verizon aims to leverage these investments to boost its mobile media and advertising efforts in a shift away from relying solely on its traditional telecoms operations.