Microsoft (NSDQ: MSFT) and Yahoo (NSDQ: YHOO) have finally finalized their search pact, according to a press release the two companies just put out. While the two companies agreed to the deal at the end of July, they said in late October that they had had to extend the deadline to hammer out the details because of the deal’s complexity. Neither side had acted as though there was much cause for concern, with Yahoo CEO Carol Bartz reassuring analysts at the time, “Don’t be worried it won’t be consummated.” The agreement still needs to get the green light from the Justice Department. Executives reiterated once again today that they expect that to happen — and for the deal to therefore close — early next year.
Here’s the release:
SUNNYVALE, Calif. & REDMOND, Wash., Dec 04, 2009 (BUSINESS WIRE) — Yahoo! Inc. and Microsoft Corporation today announced that the companies have finalized and executed the definitive Search and Advertising Services and Sales Agreement and License Agreement in accordance with the letter agreement announced in July.
The companies released the following joint statement:
“Microsoft and Yahoo! believe that this deal will create a sustainable and more compelling alternative in search that can provide consumers, advertisers and publishers real choice, better value, and more innovation.
“Yahoo! and Microsoft welcome the broad support the deal has received from key players in the advertising industry and remain hopeful that the closing of the transaction can occur in early 2010.”