Verizon and Yahoo announced on Tuesday (February 21, 2017) that they have revised the terms of their agreement for the purchase of Yahoo’s operating business.
According to a press release, Verizon and Yahoo have agreed to reduce Yahoo’s acquisition price by $350 million, lowering the deal’s valuation to $4.48 billion from the initial $4.8 billion. Verizon also said that it will share certain legal and regulatory liabilities with Yahoo concerning certain data breaches suffered by Yahoo.
The amended deal, which is expected to close in the second quarter of 2017, will combine Yahoo’s operating business and global audience of over 1 billion users with Verizon and AOL.
“We have always believed this acquisition makes strategic sense. We look forward to moving ahead expeditiously so that we can quickly welcome Yahoo’s tremendous talent and assets into our expanding portfolio in the digital advertising space,” said Verizon executive vice president and president of Product Innovation and New Businesses Marni Walden.
(Photo Source: verizon.com)