Verizon indicated it may demand a renegotiation of its $4.8 billion acquisition of Yahoo after the internet company disclosed it was the victim of a 2014 cyberattack, according to The Wall Street Journal.
In late September, Yahoo confirmed it had suffered a data breach in 2014 that resulted in information from more than 500 million user accounts being stolen.
Verizon General Counsel Craig Silliman said it was "reasonable" to say the attack represented a material event that could allow Verizon to alter the terms of the deal. He added that it's up to Yahoo to provide information on the full impact of the data breach.
Earlier in the week, Verizon CEO Lowell McAdam said Yahoo is "a real value asset," but that Verizon is "still understanding what was going on and defining whether it was a material impact on the business or not." He said his company doesn't plan to walk away from the deal, but that a renegotiation may be in the cards.
In response, a Yahoo spokesperson said, "We are confident in Yahoo's value and we continue to work towards integration with Verizon."
If the acquisition is terminated, Yahoo may have to pay a fee of $145 million, according to the article.