Yahoo and Verizon Nears Closing Revised Acquisition Agreement
Verizon Communications Inc. is on the verge of brokering a revised agreement to takeover Yahoo's core internet segment, sources said.
The deal will be valued $250-$250 million less than the initially agreed price of $4.38 billion, according to people privy to the matter, as the internet group reportedly agreed to a price cut.
The deal was put cast under doubt last year after the internet company disclosed two massive cyber attacks which compromised the information and data of millions of its users. Verizon is looking to combine Yahoo's internet assets and ad tech tools with its AOL unit.
Since last year Verizon has been trying convince Yahoo to revise the sale terms agreement in order to mirror the economic damage from the cyber attacks. A source stated that the deal, which could be closed as early as this week, will the two parties sharing liability from possible lawsuits linked to the data breaches.
Reports of the renegotiated terms of the deal was first seen on Bloomberg. A source said the price cut was likely to be close to $250 million.
Shares of Yahoo advanced 1.5% to $44.69 in afternoon trading while Verizon shares edged down 0.7% $47.93.
News are provided byInstaForex.