Verizon Boosting Its Cloud Computing Push
January 28, 2011 No CommentsSOURCE: LA Times
Verizon is set to buy Terremark, an information technology 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 accepted Verizon’s offer.
By buying Terremark, Verizon hopes to “deliver business intelligence and collaboration services to anyone, anywhere and on any device,” Lowell McAdam, Verizon’s president and chief operating officer, said in a statement.