Kirkland & Ellis advised Verizon (NYSE: VZ) on the sale of Verizon Media to funds managed by Apollo Global Management, Inc. (NYSE: APO) for $5 billion. Verizon Media is one of the world’s premier global technology and media companies and is comprised of iconic brands such as Yahoo and AOL as well as leading ad tech and media platform businesses. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction. The transaction is subject to certain closing conditions and is expected to close in the second half of 2021.
The Kirkland team was led by corporate partners Edward Lee, Carlo Zenkner and Daniel Wolf and associate Jimin He, tax partners Dean Shulman and Tara Rhoades and associate Rhonda Dinkins, debt finance partners Melissa Hutson and Kristen Smith, technology & IP transactions partners Seth Traxler, Daniel Lewis and Todd Herst, and executive compensation partners Rohit Nafday and Scott Price.