Verizon Completes Terremark Acquisition

Verizon Communications Inc. VZ today closed its previously announced acquisition of Terremark Worldwide, Inc., clearing the way for Verizon to lead the rapidly evolving global managed IT infrastructure and cloud services market. The acquisition was completed via a short-form merger under Delaware law; therefore, no Terremark shareholder vote was required. Terremark will operate as a wholly owned subsidiary of Verizon. As a result of the merger, all outstanding shares of Terremark that were not tendered into the previously completed tender offer were converted into the right to receive $19 per share in cash without interest and subject to any required withholding of taxes, the same consideration paid to stockholders in the tender offer.