Yahoo to change name to Altaba: Key things you should know

New Delhi: Yahoo, one of internet's most distinguished companies is set to acquired by Verizon.

The company plans to change its name to Altaba after it turns over its email, websites, mobile apps and advertising tools to Verizon.

Here are some key things:

Verizon plans to acquire Yahoo in July 2017 for $4.8 billion.

Yahoo's will be be known as Altaba.

Yahoo's chief executive Marissa Mayer along co-founder David Filo and four other board members will leave the group.

The new name is meant to reflect Yahoo's transformation into a holding company for investments in China's e-commerce leader Alibaba Group and Yahoo Japan.

Yahoo is the second early Web giant that Verizon has sought to buy.