Microsoft today announced that it will acquire Yahoo Finance, an online mortgage lender, in a $7 billion deal that also includes other acquisitions.
The acquisition was announced in an SEC filing that will be made public later today.
Yahoo Finance has been one of the most popular online mortgage lenders for many years, and it has had strong traction in the marketplace.
In its announcement, Microsoft said that the deal will give Yahoo Finance a combined market cap of $1.9 billion.
The company will continue to operate the business as a standalone company.
The deal is expected to close in the second quarter of 2020.
The acquisition price reflects the closing price of the shares at the close of business on April 10, 2021, Microsoft says.
Yahoo will retain 50% of its existing employees.
Microsoft has been a fierce advocate of the digital economy, and the deal reflects that.
Microsoft CEO Satya Nadella called the acquisition “a transformational investment in our broader strategy.”
Microsoft said that Yahoo Finance will continue its mission of delivering financial services and education to consumers through its products and services.
This investment in the company’s core business will ensure that the Yahoo Finance product will continue and be available in more countries, and will help drive innovation in financial services in general.