Verizon Communications (NYSE:VZ) has finalized its $1.4 billion Terremark cloud acquisition deal.

Verizon Communications (NYSE:VZ) Finishes Billion Dollar Deal

The communication service provider Verizon Communications (NYSE:VZ) has announced that it has finalized the purchase of cloud computing provider Terremark Worldwide Inc. for $1.4 billion.

The company announced the acquisition in January to strengthen its cloud computing strategy, everything-as-a-service. Verizon Communications (NYSE:VZ) said that integrated cloud solutions will reach the market by the end of this year.

Robert Toohey, Verizon Communications (NYSE:VZ) president, said, “In the coming months, we’ll leverage our collective strengths to roll out a differentiated portfolio of secure, on-demand cloud computing solutions to be delivered through a unified enterprise IT platform”.

Verizon Communications Inc. (NYSE:VZ) stocks were at 37.85 at the end of the last day’s trading. There’s been a 5.0% movement in the stock price over the past 3 months.

Verizon Communications Inc. (NYSE:VZ) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 2.35
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 2.42
Zack’s Rank: 11 out of 38 in the industry