Verizon to Buy Cloud Provider Terremark for $1.4 Billion

Verizon Communications, the second-largest US phone carrier, agreed to buy Terremark Worldwide for $1.4 billion as it expands services that let corporate customers store data and programs offsite.

The cash deal, which values Terremark at $19 a share, represents a 35 percent premium over the company’s closing share price. Verizon plans to complete its offer later this quarter.

Verizon is expanding its business that allows companies to store their data in the so-called cloud, or server computers maintained by other companies that provide less-expensive access to electronic records and software. The acquisition, which brings on corporate and government customers, is part of a broader strategy to make customers’ information, including music, personal data and corporate data, available across devices and locations, Verizon said.