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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Verizon to buy Terremark Worldwide

Verizon Communications announced this afternoon that it will purchase Terremark Worldwide Inc., a data storage company that is a major employer in Culpeper County. Verizon will pay $19 a share in cash for Terremark, which values the company at about $1.4 billion. Terremark’s stock shot up 36 percent after news of the deal was announced after the stock market closed today. Verizon’s stock was little changed. Terremark spokesman Xavier Gonzalez said the Culpeper operation will continue with business as usual after the transaction closes, and that jobs there won’t be affected. Terremark will retain its name and be a wholly owned subsidiary of Verizon. Gonzalez called the deal with Verizon, which is currently one of the company’s largest customers, “nothing but positive news for the company.”

See more in tomorrow’s FLS.

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Permalink: http://news.fredericksburg.com/businessbrowser/2011/01/27/verizon-to-buy-terremark-worldwide/