Verizon May Have Financial Backing From Bank Of America For Yahoo's Internet Assets

Verizon Communications Inc. (NYSE: VZ) is working with investment bankers at Bank of America Corp (NYSE: BAC) as part of the bidding process to acquire Yahoo! Inc. (NASDAQ: YHOO)'s internet assets.

Reuters, citing "people familiar with the matter," noted that the bankers Verizon hired previously served as advisers to Yahoo and was also listed as its lead adviser as part of the process of divesting the company's stake in Alibaba Group Holding Ltd (NYSE: BABA).

Related Link: Bob Peck Believes Bids For Yahoo Could Come In Above $2-3 Billion

Reuters added that Bank of America could step in and provide financing for the deal.

The publication also noted that Verizon is prepared to acquire all of Yahoo's core assets but is mostly interested in its advertising technology tools.

Shares of Yahoo were trading higher by 0.44 percent ahead of Friday's market open.