NEW YORK (AP) — Verizon Communications Inc. said it has completed a $1.1 billion tender offer for Terremark Worldwide Inc., a provider of "cloud computing" services.
Verizon said it purchased 59.8 million Terremark share for $19 apiece in cash under the tender offer, which expired Thursday. That gives the phone company control of almost 71 percent of Terremark's common shares on a fully diluted basis.
Verizon also said it has launched a second tender offer to acquire the remaining Terremark shares. That offer is set to expire on April 7.
Terremark, which is based in Miami and runs 13 data centers in the U.S., Europe and Latin America, provides services that allow companies to store data and software on remote servers instead of their own computers. It also provides technology infrastructure services.
New York-based Verizon has said the deal will help it offer more Web-based services to businesses and government clients.