Yahoo! (YHOO) announced on Thursday that the preliminary results of its special meeting of stockholders held today resulted in shareholders voting to approve the sale of the Internet firm to Verizon Communications (VZ) - Get Report.
Yahoo! agreed to sell its business to Verizon last year for $4.5 billion.
Additionally, Yahoo! shareholders voted to authorize the advisory vote regarding the compensation payable to the Yahoo!'s named executive officers in connection with the completion of the sale.
Yahoo! expects that the deal will close on June 13.
Following the closing of the transaction, Yahoo! will change its name to "Altaba Inc." and register as an investment company under the Investment Company Act of 1940.
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