Verizon Communications Inc. said on Tuesday it would buy Yahoo Inc’s core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company. The closing of the deal, which was…
Verizon Communications Inc. said on Tuesday it would buy Yahoo Inc’s core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company .
The closing of the deal, which was first announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.
Verizon had been trying to persuade Yahoo to amend the terms of the agreement following the attacks.
Verizon and Yahoo signed the deal on Sunday evening after weeks of talks that included calls with Yahoo CEO Marissa Mayer and a meeting between Verizon CEO Lowell McAdam and Yahoo director Tom McInerney in New York earlier this month to agree on the amount of the price reduction, a person involved in the talks said.
The two sides had an agreement in principle about a week earlier that included a liability sharing agreement, something that Verizon decided early on that it needed to reach a deal.
