Cyrte builds stake in Terremark Worldwide to 16.33%

By Lisa Kerner

Charlotte, N.C., March 28 - Cyrte Fund-led investors continued to increase their stake in Terremark Worldwide Inc. with the purchase of 2.9 million shares by Cyrte Investments GP on March 22 as part of the company's underwritten offering of 12.65 million newly issued shares.

The investor acquired an additional 100,000 shares in an open market transaction on March 23, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 9,112,978 shares, or 16.33%, of Terremark's stock.

On March 6, Cyrte Fund increased its stake in the company to 13.95% from 10.67%.

The reporting persons have in the past communicated with Terremark's management and may continue to communicate with stockholders, officers of directors of the company regarding its operating performance and strategic direction, the filing stated.

Miami-based Terremark provides colocation, exchange point and managed and professional services to the government and commercial sectors.

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