(Bloomberg) -- Taboola.com Ltd. soared by the most on record after Yahoo Inc. took a roughly 25% stake in the AI powered advertising agency as part of a 30-year exclusive advertising partnership.
Shares of the Israel-based company skyrocketed as much as 78%, adding $362 million in market value after the deal was announced. Trading volume rose to 42 million shares, about 4660% of the three-month average.
The agreement between Apollo Global Management’s Yahoo and Taboola allows the ad company to exclusively power native advertising across all of Yahoo’s digital properties.
The pact between Apollo Global Management’s Yahoo and Taboola allows the ad company to exclusively power native advertising across all of Yahoo’s digital properties.
The deal is expected to close in the first quarter of 2023. Taboola will seek shareholder approval through a special general meeting in late December.
(Updates to add graph.)
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