Verizon to Acquire Cloud Provider Terremark

Verizon Communications Inc., a global telecom provider, announced it intends to acquire Terremark Worldwide Inc., a provider of managed IT infrastructure and cloud services, at a total equity value of $1.4 billion. Verizon expects to close the tender offer late in the first quarter of 2011.

This transaction will accelerate Verizon's "everything-as-a-service" cloud strategy by delivering a portfolio of scalable on-demand solutions to business and government customers globally, through a unified enterprise IT platform and unique business cloud offerings that leverage the companies' collective strengths. "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," says Lowell McAdam, president and chief operating officer of Verizon.

For more information on Verizon, go here.

For more information on Terremark, go here.