Verizon to buy Terremark for $1.4 billion, boosting its cloud computing push

Verizon to buy Terremark for $1.4 billion, boosting its cloud computing push Source: latimesblogs.latimes.com Verizon is set to buy Terremark, an IT services company, for $1.4 billion, part of an effort from the wireless carrier to boost its cloud computing abilities. The purchase offer of $19 a share in cash is a 35% premium over Terremark's Thursday closing stock price of $14.05 a share. In a filing submitted to the Securities and Exchange Commission, Terremark said it had accepted Verizon's offer. By buying Terremark, Verizon hopes to "deliver business intelligence and collaboration services to anyone, anywhere and on any device," said Lowell McAdam, Verizon's president and chief operating officer, in a statement.