By Stephen Nakrosis

Apollo Global Management Inc. on Wednesday said funds managed by its affiliates completed the acquisition of Yahoo.

In May, The Wall Street Journal reported that Apollo Global agreed to pay about $5 billion to acquire Yahoo and AOL from Verizon Communications Inc.

Yahoo, formerly known as Verizon Media, will operate as a standalone company under Apollo Funds, Apollo Global said.

Verizon retained a 10% stake in Yahoo, Apollo Global said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 01, 2021 12:05 ET (16:05 GMT)

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