June 14, 2017
In a deal closed yesterday, Weil advised Yahoo! Inc. on all the intellectual property and technology aspects of the sale of its operating business to Verizon Communications Inc. for $4,475,800,000, subject to certain pre-closing and post-closing adjustments. Upon closing, Yahoo! Inc. changed its name to “Altaba Inc.” and its remaining assets include approximately a 15% equity stake in Alibaba Group Holding Limited, an approximately 36% equity stake in Yahoo Japan Corporation, and subsidiary Excalibur IP, LLC (which owns certain patent assets that were not core to Yahoo's operating business). Verizon has combined the acquired operating business assets of Yahoo with its existing AOL business to create a new subsidiary, Oath, which now houses more than 50 media and technology brands, including Yahoo Sports, Yahoo Finance, Yahoo Mail, Tumblr. AOL.com, HuffPost, MAKERS and BUILD Studios.
The Weil team was led out of the Silicon Valley office by Technology and IP Transactions partner Karen Ballack and associate Marisa Geiger and also included Silicon Valley office Technology and IP Transactions associates Alexa Chu Clinton and Luis Gonzalez.
Between the signing of this transaction in July 2016 and the closing yesterday, the team also included: Complex Commercial Litigation partners Benjamin Marks, Randi Singer and David Singh; Structured Finance partner Ariel Kronman; Corporate partners Charles Ching, Emmanuelle Henry and Henry Ong; Technology and IP Transactions partner Barry Fishley; Complex Commercial Litigation associates Bambo Obaro, Jevechius Bernardoni, Silke Baechle, Jessica Lynn Falk, Erin James and Audrey Stano; Corporate associates Sumit Ram, Anna Blot, David Shipton, Jian Liu and Samuel Kang; Corporate legal consultant Andy Chu; Structured Finance associate Emily Firmston; Tax Associate Mor Agam; Technology and IP Transactions associates Emilie Williams and Muzaffar Shah; law clerk Claire Tanguy; and Silicon Valley paralegals Brian Lee, James Royer and Antonio Callahan.