Verizon Communications Inc (VZ.N), the No. 1 U.S. wireless carrier, on Tuesday, February 21, said it agreed to buy the core internet business of Yahoo Inc (YHOO.O) for $4.48 billion, reflecting a $350 million cut to the original price.
The deal, which is expected to close in the second quarter, will combine Yahoo’s search, email and messenger assets as well as advertising technology tools with its AOL unit.
Verizon had been trying to persuade Yahoo to amend the terms of the agreement to reflect the economic damage from two cyber attacks.
Under the amended terms, Yahoo and Verizon will split any future liabilities and costs that arise from the data breaches, Reuters reports.