LionTree Advisors, LLC and The funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) entered into an agreement to acquire 90% stake in Oath Inc. and Verizon Media Netherlands B.V. (Verizon Media Group) from Verizon Communications Inc. (NYSE:VZ) for $5 billion on May 2, 2021. Under the terms of the agreement, Verizon Communications Inc. will receive $4.25 billion in cash and preferred interests of $750 million. Verizon Communications Inc. will retain a 10% stake in Verizon Media Group, which will be known as Yahoo at close of the transaction and continue to be led by Executive Vice President and Chief Executive Officer, Guru Gowrappan. The transaction is subject to satisfaction of certain closing conditions. The European Commission has received an application for approval. The European Commission has set a provisional deadline of July 20, 2021 to rule on the transaction. The transaction is expected to close in the second half of 2021. As of July 21, 2021, the transaction is expected to close by end of third-quarter 2021.

The Goldman Sachs Group, Inc. (NYSE:GS) and Evercore Inc. (NYSE:EVR) acted as financial advisors to Verizon Communications Inc. while Edward Lee, Carlo Zenkner, Dean Shulman, Tara Rhoades, Melissa Hutson, Kristen Smith, Seth Traxler, Daniel Lewis, Todd Herst, Rohit Nafday and Scott Price of Kirkland & Ellis LLP and Meghan Rissmiller and Michele Davis of Freshfields Bruckhaus Deringer LLP provided legal advisory services to Verizon Communications Inc. LionTree Advisors, LLC acted as financial advisors to funds managed by Apollo Global Management, Inc. BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC are providing financing for the transaction. Taurie M. Zeitzer, Justin Rosenberg and Gregory A. Ezring of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to funds managed by Apollo Global Management, Inc. RBC Capital Market, Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC acted as financial advisors to Apollo Global. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds.

LionTree Advisors, LLC and The funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) completed the acquisition of 90% stake in Oath Inc. and Verizon Media Netherlands B.V. (Verizon Media Group) from Verizon Communications Inc. (NYSE:VZ) on September 1, 2021. With the close of the transaction, Verizon Media will now operate as a standalone company under Apollo Funds. As of November 9, 2021, the European Commission cleared the acquisition.