Verizon said nearing deal to buy Yahoo, beating rival bidders

Verizon plans to announce on Monday an agreement to buy Yahoo for US$5 billion, according to a source familiar with the matter.
The logo of Verizon at a retail store in San Diego, California, on April 21, 2016.
The logo of Verizon at a retail store in San Diego, California, on April 21, 2016. PHOTO: REUTERS

NEW YORK (BLOOMBERG) - Verizon Communications is nearing a deal to buy Yahoo, beating out rival bidders, people familiar with the matter said.

The companies may be ready to announce the deal in the coming days, the people said, asking not to be named because the deliberations are private.

The two companies are in one-on-one discussions, one of the people said. The deal hasn't been finalized and may still fall apart, they said.

A representative for Verizon declined to comment. A representative for Sunnyvale, California-based Yahoo couldn't immediately be reached outside of regular business hours.