Limelight Networks Inc. completed the acquisition of Yahoo Inc. unit Edgecast in a transaction valuing the latter at about $300 million.

The combined entity will now operate as Edgio Inc., a provider of edge-enabled software services including an integrated platform for web applications, application programming interfaces and over-the-top video content, according to a June 16 statement.

Under the transaction, Yahoo received about 80.8 million shares of Limelight's common stock. Yahoo co-owner Apollo Global Management Inc. and its co-investors also invested $30 million in cash, while Yahoo prepaid certain other expenses. Yahoo can also get up to 12.7 million more Edgio shares worth up to $100 million over the period ending on the third year post deal completion, subject to achieving share price targets.

Edgio shareholders will own about 66.8% of the combined entity, or about 63.5% if Edgio hits all share price targets. Yahoo will own a stake of about 33.2% or 36.5%, respectively.

Edgio's board will be expanded to include Apollo's Reed Rayman and E-Fei Wang, as well as Dianne Ledingham, an advisory partner in Bain & Co.'s customer strategy and marketing, and technology, media and telecommunications practices.

Goldman Sachs & Co. LLC is Edgio's financial adviser on the deal, with Goodwin Procter LLP as legal counsel. Evercore Inc. and RBC Capital Markets LLC provided financial advice to Edgecast and the Apollo funds, while Paul Weiss Rifkind Wharton & Garrison LLP served as legal counsel.