Yahoo's shareholders have officially approved the company's sale to Verizon for $4.48 billion. The deal is expected to close Tuesday.

Once the deal closes, Yahoo and AOL will merge into a combined entity called "Oath." AOL has indicated that it is planning more than 2,000 layoffs following the deal's close.

Marissa Mayer will be stepping down as the CEO of Yahoo, though she will still own about $186 million worth of stock when she leaves.

Yahoo's purchase price was lowered by $350 million after the revelation that Yahoo passwords and personal information had been compromised in a massive hacking attack.

Yahoo stock was up by 8.5% at the time of writing.