Terremark, which controls 13 data centers throughout the U.S., Europe and Latin America, will operate as a subsidiary of Verizon, retaining its own name and management team.
Goldman Sachs and Weil, Gotshal & Manges represented Verizon in the deal, and Terremark was represented by Credit Suisse Securities and Greenberg Traurig.
Verizon is hoping the Terremark acquisition will be a keystone in its "everything-as-a-service" cloud strategy, in which it plans to provide its enterprise and government customers "a powerful portfolio of highly secure, scalable on-demand solutions... through a unified enterprise IT platform and unique business cloud offerings that leverage the companies' collective strengths," according to a release sent out today.
The goal is to be able to offer customers business intelligence and collaboration tools anytime, anywhere and on any kind of connected device.