Verizon Communications Inc. is all set to buy Yahoo Inc.’s core business for $ 4.8 billion, the company has long been considered the most likely buyer since Yahoo put its search engine and web properties on the market, could reach a deal to buy the company in the coming days, the people said.
“In order to maintain the integrity of the process, we won’t be commenting until an agreement is finalized,” a Yahoo spokeswoman said.
Shares of Yahoo rose 1.4% to $39.38 on Friday and have rallied since the company said on Feb. 2 it was exploring strategic options. Shares of Verizon gained 1.3% to $56.10. Bloomberg News earlier reported that Verizon was likely to prevail in the auction.
Verizon, with a market cap of about $228 billion, has the means to purchase Yahoo’s Web assets and a logical blueprint for folding them into its fledgling digital media business, which includes AOL properties it acquired last year. The talks cover Yahoo’s portal, search engine and properties like Yahoo Mail, Yahoo Sports and the Tumblr blogging service that attract tens of millions of visitors a month.