Verizon has agreed to acquire IT and cloud services company Terremark Worldwide for a price of $19 per share, a total equity value of $1.4 billion.
Terremark, which controls 13 data centers throughout the U.S., Europe and Latin America, will operate as a subsidiary of Verizon, retaining its own name and management team.
Goldman Sachs and Weil, Gotshal & Manges represented Verizon in the deal, and Terremark was represented by Credit Suisse Securities and Greenberg Traurig.
Verizon is hoping the Terremark acquisition will be a keystone in its “everything-as-a-service” cloud strategy, in which it plans to provide its enterprise and government customers “a powerful portfolio of highly secure, scalable on-demand solutions… through a unified enterprise IT platform and unique business cloud offerings that leverage the companies’ collective strengths,” according to a release sent out today.
The goal is to be able to offer customers business intelligence and collaboration tools anytime, anywhere and on any kind of connected device.
“Cloud computing continues to fundamentally alter the way enterprises procure, deploy and manage IT resources, and this combination helps create a tipping point for ‘everything-as-a-service,’” said Lowell McAdam, Verizon’s CEO.
Via Mashable: http://www.mashable.com