Terremark Doing $10M Deal With Partners in Spain

MIAMI-Locally based Terremark Worldwide Inc. has signed a $10 million deal to become the lead developer of a planned carrier-neutral telecommunications network access point (NAP) in Madrid and possibly at other cities throughout Spain.

The network in Spain will be modeled after Terremark’s technology platform developed for the Tier-1 NAP of the Americas in Miami.<p.The four Spanish firms will initially invest $10 million to capitalize the project. Five million dollars will be used by the companies to buy Terremark's common stock at $1 per share. The remaining $5 million, including Terremark's contribution of services and expertise, will used for the preliminary development of the Madrid NAP.

The European partners in the project are the Comunidad’s Instituto Madrileno de Desarrollo (IMADE), the Camara de Comercio e Industria de Madrid, Red Electrica de Espana S.A. and Telvent Desarrollos SA, a subsidiary of Abengoa S.A.