Verizon agrees to acquire AOL in $4.4b deal

Verizon Communications Inc. agreed to buy AOL Inc. in a deal valued at $4.4 billion (Dh16.2 billion), giving the largest US wireless carrier digital content and Web advertising platforms. Verizon will pay $50 a share, a 17 per cent premium over AOL’s stock price on Monday. AOL Chief Executive Officer Tim Armstrong will continue to lead AOL’s operations after the deal is completed, the companies said Tuesday in a statement. “AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new course together in the digitally connected world,” Verizon CEO Lowell McAdam said in the statement. AOL’s shares jumped as much as 19 per cent to $50.70 in early trading, above Verizon’s offer price.