Report: Verizon Close To Snapping Up Yahoo!

(RTTNews) - Telecom giant Verizon Communications Inc. is reportedly very close to a deal to buy the core business of struggling internet company Yahoo Inc.

Verizon has trumped out rival bidders and is close to acquire Yahoo's core internet business, reported Bloomberg News, citing people familiar with the matter.

Verizon is discussing a price close to $5 billion for Yahoo's core internet business, not including the company's patents, the report says.

Earlier this year, Yahoo announced decision to explore its strategic options and has been seeking potential suitors to sell its core internet business as well as patents and assets. Final bids were due on Monday.

Meanwhile, the report says that the companies might announce the deal in the coming days, however, as the agreement has not been finalized it may still fall apart.

AT&T Inc. and Quicken Loans Inc. founder Dan Gilbert along with TPG were in the final round of bidding as well as Advent International Corp. and a partnership of Sycamore Partners and Vector Capital Management.