Verizon to acquire Yahoo for $4.48 billion transaction

Verizon Communications Inc., the largest US mobile operator, announced on Tuesday that has reached an agreement to take over the core operations of the Internet giant – Yahoo! for $4.48 billion, by 350 million dollars less than the initial offer, informs Reuters.

Verizon Yahoo Transaction

Verizon buys Yahoo for 4.48 billion dollars

The deal will combine Yahoo!’s search engine, email and messaging services with Verizon’s AOL division operations. The completion of the transaction, which was first announced in July 2016, is scheduled for the second quarter of this year.

Verizon has been trying for months to convince Yahoo to amend the terms of the initial agreement by taking into account the damage caused by two major attacks on the Internet giant. In the end, both companies made the compromise of sharing the financial burden of any legal action in connection with the cyber attacks.
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Yahoo revealed last September that personal information linked to at least 500 million accounts were stolen after a virus attack. Yahoo has warned that stolen information may include names, email addresses, phone numbers, date of birth and passwords for the half a billion accounts.

Yahoo! was founded in 1994 and is currently one of the largest multinational technology companies with approximately 11,000 employees worldwide. Marissa Mayer, who was appointed Yahoo’s CEO nearly 5 years ago to boost company’s business, had announced in February 2016 that she intends to analyze several “strategic alternatives” for the core Internet operations.

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