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


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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.