We advised Taboola on the transaction

Davis Polk advised Taboola on its 30-year exclusive commercial agreement with Yahoo. Under the terms of the agreement, Taboola will power native advertising solutions on all of Yahoo’s internet properties, driving more than 800 billion impressions. As part of the agreement, Yahoo will receive 24.99% of Taboola’s total issued and outstanding shares on a combined post-transaction basis, with approximately 60% in standard ordinary shares and 40% in new non-voting ordinary shares, as well as one representative on the Taboola board of directors. The agreement, which has been approved by the boards of directors of both companies, is expected to close in the first quarter of 2023, subject to receipt of customary shareholder and regulatory approvals, as well as certain closing conditions.

Taboola powers recommendations for the open web, helping people discover things they may like. The company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. Taboola has long-term partnerships with some of the top digital properties in the world, including CNBC, BBC, NBC News, Business Insider, The Independent and El Mundo.

Yahoo reaches nearly 900 million people around the world, bringing them closer to mail, finance, sports and news with content and tech that fuel their day. For partners, Yahoo provides a full-stack platform for businesses to amplify growth and drive more meaningful connections across advertising, search and media.

The Davis Polk corporate team included partner Lee Hochbaum and associate Kristy Choi. The capital markets team included Michael Kaplan and counsel Chris Van Buren. The antitrust and competition team included partner Arthur J. Burke and counsel Matthew Yeowart. The intellectual property and technology team included partner Pritesh P. Shah. The tax team included partner David H. Schnabel and associate Constance Zhang. Partner Adam Kaminsky provided executive compensation advice. Members of the Davis Polk team are based in the New York and London and Washington DC offices.

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