After a 5-month auction, Verizon outbid other buyers and managed to secure the Yahoo stocks for a total of $4.83 billion.
This sale marks the second time in two years that Verizon has acquired the assets of an internet-based company. Verizon previously bought AOL in June 2015.
After a steady decline in the stock market in recent years, Yahoo Inc. will be ridding of its email services, news websites and advertising tools.
The deal is expected to close in the first quarter of 2017.
