US telco Verizon has completed its acquisition of AOL for US$50 (€45) a share on cash.
Verizon’s tender offer expired at midnight New York Time on Monday, and the company completed the acquisition of the remaining eligible shares through a merger procedure under Delaware state law. The move means that AOL shares will no longer be traded on the New York stock exchange and the internet company is now a wholly-owned subsidiary of Verizon.
Under the new structure, AOL CEO Tim Armstrong will continue to lead AOL operations, with Bob Toohey, president of Verizon Digital Media Services reporting to Armstrong.
Armstrong will report to Marni Walden, Verizon’s EVP and president of product innovation and new business.