Why Limelight Networks Stock Is Soaring Today
Shares of Limelight Networks (NASDAQ: LLNW), a content delivery services company, were spiking today after the company announced that it will buy Yahoo!'s Edgecast company -- which includes edge security, content delivery, and video services -- in an all-stock transaction.
The deal will expand Limelight's total addressable market and will also result in the company changing its name. The tech stock rose on the news and was up by 12.7% as of 12:27 p.m. ET.
Limelight said today that it will purchase Yahoo!'s Edgecast for 72.2 million shares of Limelight common stock, which will give Yahoo! 32% ownership of the combined company when the deal closes.
Source Fool.com
