A great new story for a new and upcoming stock.

Terremark Worldwide (TMRK:NASDAQ) was getting settled into its new life on the Nasdaq, then the company made a major announcement. The network access provider announced it would purchase managed access rival Data Return from the private equity group Saratoga Partners.

Saratoga Partners bought Data Return in June 2003 from Divine Inc. in a bankruptcy auction for $28 million. According to a company release, one of Saratoga’s managing directors said at the time that Data Return was “clearly one of Divine's most valuable assets.”

Terremark purchased Data Return for $85 million. That’s $70 million in cash and $15 million of the company’s common stock, to be precise.

The purchase is big news for Terremark’s customer base. Data Return’s portfolio of major clients will help Terremark expand to a fuller presence in the private sector. Data Return has more than 250 customers, including the likes of H&R Block and Hewlett-Packard.

This acquisition will help fuel further growth from this network access manager and provider.

Terremark already has its government clients on lockdown, thanks to its sole-source contracts -- Terremark is simply the only choice for these firms when it comes to secure, managed network access. By combining forces with Data Return, Terremark has eliminated potential competition and secured important new customers, to boot.

The only thing that is a concern Terremark’s purchase of Data Return is its debt. According to the company’s most recent filing, it has more than $150 million in long-term debt. We’ll find out soon enough how this $85 million purchase will play into the matter…

Terremark’s fourth-quarter earnings call is scheduled for 5 p.m. EST on Thursday, June 14. This will be a big day for Terremark, since the company is also discussing the Data Return acquisition and revised outlook for the upcoming fiscal year.

Action to take: Terremark Worldwide (TMRK:NASDAQ) is a small speculative buy. If you have not yet picked up shares, now would be a good time to get in while the stock is consolidating waiting for the news.