Verizon Communications (NYSE:VZ) Completes Cloud Purchase

Verizon Communications (NYSE:VZ) has completed the purchase of 59.8 million shares of Terremark Worldwide Inc. Verizon Communications (NYSE:VZ) Completes Cloud Purchase Verizon Communications (NYSE:VZ), the leading U.S. telecom company, announced that it has completed a tender offer to acquire the cloud computing provider Terremark Worldwide Inc. The company purchased 59.8 million shares for $19 per share. The company had offered $1.1 billion for the shares. With the completion of this offer, Verizon Communications (NYSE:VZ) now owns 71 percent shares of Terremark. The company launched another tender offer for the purchase of remaining shares. Verizon Communications (NYSE:VZ) said in a statement, "The deal will help it offer more Web-based services to businesses and government clients". Verizon Communications Inc. (NYSE:VZ) shares were at 38.61 at the end of the last day’s trading. There’s been a 7.5% change in the stock price over the past 3 months. Verizon Communications Inc. (NYSE:VZ) Analyst Advice Consensus Opinion: Hold Mean recommendation: 2.35 (1=Strong Buy, 5=Strong Sell) 3 Months Ago: 2.42 Zack’s Rank: 10 out of 38 in the industry
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