Dutch Investor Builds Stake in Terremark
February 23rd, 2007 By: Rich Miller
Dutch media mogul John de Mol has accumulated a 13.25% stake in shares of Terremark Worldwide, the operator of the NAP of the Americas in Miami, according to Insider Score. de Mol is a billionaire one of the founders of Endemol, the reality TV company that brought us Big Brother, Fear Factor and Deal or No Deal. Endemol was later bought by Spanish telephone company Telefonica.
de Mol is buying Terremark shares through his Cyrte Investments vehicle, which specializes in telecom and tchnology companies. de Mol’s stake reached 5 percent on December 13, when shares closed at $6.98. Cyrte bought another 1.1 million shares of Terremark between Feb. 12-21, increasing his stake to 5.935 million shares. Shares closed Thursday at $8.90.
After the bell yesterday, Terremark filed a shelf registration, saying it may sell up to $100M in financial instruments, according to Reuters. The company plans to use the proceeds for general corporate purposes, which may include debt repayment, working capital, capital spending, acquisitions, joint ventures, and stock repurchase programs.