January 27, 2011 / 10:12 PM / 9 years ago

Verizon to buy Terremark for $1.4 billion

NEW YORK (Reuters) - U.S. phone company Verizon Communications Inc (VZ.N) said on Thursday it has offered to buy IT services provider Terremark Worldwide Inc TMRK.O for $19 a share in cash, or $1.4 billion.

The offer represents a 35 percent premium over Terremark’s closing share price of $14.05 on Thursday. Verizon said it expects to close the tender offer late in the first quarter of 2011.

Reporting by Ritsuko Ando

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