COMPANY PRESS RELEASE: SBC Communications has agreed to purchase an approximate three percent stake in Yahoo! from SOFTBANK America Inc.
This purchase will strengthen the new SBC and Yahoo! relationship, further solidifying the premier alliance between the nation’s leading DSL Internet provider and the number one global Internet destination, said Edward E. Whitacre, Jr. SBC Communications chairman and CEO.
We will continue to be Yahoo!’s single largest shareholder after this transaction with more than 16% of the company, said Ron Fisher, vice chairman of SOFTBANK America Inc. We are glad to have SBC as another large strategic holder of Yahoo! stock.
We are very pleased that SBC will acquire stock in Yahoo!, said Yahoo! chairman and chief executive officer Terry Semel. This transaction demonstrates SBC’s strong confidence in Yahoo!’s future direction and marks another step forward in our relationship with a key new partner.
In November, SBC and Yahoo! announced that the two companies will offer a co-branded, premium DSL Internet and dial-up service. Expected to launch beginning in mid 2002, this service, the first of its kind, will include a suite of Yahoo! and SBC customized products and services, providing consumers with the best broadband experience available.
The transaction is expected to close in the first quarter of 2002, and is subject to customary regulatory review.