Verizon Communications is close to finalizing its long-awaited purchase of Yahoo’sInternet business, lowering the value of the deal to about $4.5 billion to make up for a series of data breaches at the company, according to reports.
Verizon originally agreed in July to purchase Yahoo’s Internet assets for $4.8 billion. But after that deal was announced, Yahoo revealed a series of data breaches where it lost hundreds of millions of customer e-mail addresses and other personal information. That alarmed Verizon officials, who immediately launched their own investigation into the losses.
Verizon officials declined to comment.
The news gave Yahoo stock a slight lift – it was up about 1% to $45.52 per share in afternoon trading.