Deal Detail

Yahoo! Inc., Operating Business to Verizon Communications Inc.

EV / LTM EBITDA

5.1x

EV / LTM Sales

Enterprise Value

$4.5B

Primary Source

Morgan Stanley

All Observations

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Fairness Opinion / Source	Advisor	Source Year	Enterprise Value	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	SFLY FO	Morgan Stanley	2019	$4.5B	-	5.1x	-	-	Open
-	fairness opinion	RATE FO	JPMorgan	2017	-	-	-	5.7x	-	Open
-	fairness opinion	RATE FO	JPMorgan	2017	-	-	-	7.3x	Same transaction as the primary observation, valued on the ORIGINAL terms announced July 25, 2016 rather than the renegotiated terms of February 21, 2017 (the RATE FO lists both). EV / 1-year forward EBITDA.	Open