Verizon today announced that it plans to acquire Yahoo for $4.83 billion, confirming a deal that was first reported last week. In a press release, the internet service provider said that Yahoo will be integrated with Aol, which Verizon acquired last year for $4.4 billion.

Under the deal, Verizon will acquire Yahoo's online brands and email service, which has around 225 million monthly active users worldwide. In addition to Yahoo's than 1 billion users, Verizon will gain the web giant's Brightroll programmatic ad service, as well as other advertising and analytics services. The deal does not include Yahoo's cash or its stakes in Alibaba and Yahoo Japan. Those entities will remain under Yahoo, which will change its name once the deal closes and become a publicly traded investment company.

"I’m incredibly proud of everything that we’ve achieved, and I’m incredibly proud of our team," Mayer wrote. "For me personally, I’m planning to stay. I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter."

The deal announced today is still subject to the approval of regulators and Yahoo shareholders. Verizon says it expects the acquisition to be completed by the first quarter of 2017. Until then, Yahoo "will continue to operate independently," Verizon said in its press release.