IBM wraps up purchase of Linux specialist in $34bn deal

Software company Red Hat will continue to build and expand its partnerships, including those with major cloud providersIBM said on Tuesday that it has closed its $34bn acquisition of software company Red Hat as it looks to ramp up its cloud computing business.

The company, which won approval for the purchase from EU regulators in late June and US regulators in May, agreed to pay $190 a share for Red Hat, representing a 63% premium. The companies said IBM and Red Hat will offer “a next-generation hybrid multicloud platform” that will be “based on open-source technologies, such as Linux and Kubernetes”.

Source: News Formal (newsformal.com)

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