Yahoo plans new financing via five banks for buyout by Apollo

By Sara Rosenberg

New York, May 3 – Yahoo (Verizon Media) plans on getting new financing to help fund its acquisition of Apollo Global Management Inc. from Verizon, according to a news release.

RBC Capital Markets, Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC are providing the financing.

Under the agreement, Verizon Media is being bought for $4.25 billion in cash and preferred interests of $750 million. Verizon will receive and retain a 10% stake in Verizon Media.

Verizon Media will be known as Yahoo at the close of the transaction.

Closing is expected in the second half of this year, subject to certain closing conditions.

Yahoo is a technology and media company, comprised of brands such as Yahoo and AOL.

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