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IBM to acquire Red Hat

Oct 29, 2018 7:54 AM

IBM is planning to acquire US software company Red Hat. The deal is valued at $34 billion.

IBM will pay cash to buy all the shares in Red Hat at $190/share. Red hat is a major distributor of open-source software and technology.

Post the deal, Red Hat will become a unit of IBM's hybrid cloud division. The deal is expected to close in the second half of 2019.

It is IBM's largest deal ever and third biggest in US tech history.

First Published:Oct 29, 2018 3:54 PM IST

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