Yahoo Inc (YHOO.O) shareholders on Thursday approved the company's pending sale of its core internet business to Verizon Communications Inc (VZ.N) for $4.48 billion, according to preliminary results from a shareholder meeting.Yahoo expects that the deal will close on June 13, 2017. AOL CEO Tim Armstrong will lead the combined company under Verizon's new businesses unit, which is overseen by Verizon's Marni Walden.
Yahoo! shareholders officially approve its $4.48 billion sale to Verizon Wireless. Yahoo! stock was up 8.5 percent shortly thereafter.