Verizon closing in on Yahoo deal - reports

22nd Jul 2016 15:11

(ShareCast News) - Verizon Communications Inc. is said to be closing in on a deal to buy Yahoo! Inc, according to Bloomberg sources.Deal fore the company's core internet business thought to be in the region of $5 billionSet to be announced in the coming days according to reportsThe company's core internet business had been the subject of a bidding competition between various suitors, but Verizon is said to be now in one-to-one talks with Yahoo.The two firms are discussing a price of $5bn and does not include Yahoo's patents.Bidding began earlier this year when Yahoo CEO Marissa Mayer revealed that it was looking at other alternatives to aid the business's struggling fortunes.Shareholders had been pressurising Mayer to take action following the collapse of a plan to spin off Yahoo's stake in Alibaba Group Holding Ltd. in a way that would minimize the tax impact for investors.Alibaba had become the most valuable area of Yahoo, and its mismanagement left investors frustrated.The deal could be completed within the next few days, according to Bloomberg.