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IBM to acquire Red Hat for $34 bn

IBM to acquire Red Hat for $34 bn
Oct 29 (Agencies) | Publish Date: 10/29/2018 12:40:34 PM IST

 Sending a strong signal towards dominating the emerging $1 trillion Hybrid Cloud market, tech major IBM has announced to acquire Open Source Solutions leader Red Hat for a massive $34 billion.

The acquisition, IBM’s biggest so far, will provide open approach to Cloud, featuring unprecedented security and portability across multiple clouds, a joint statement said late Sunday.

The deal, once goes through, will make IBM top Hybrid Cloud provider in an emerging $1 trillion growth market.

“The acquisition of Red Hat is a game-changer. It changes everything about the cloud market,” said Ginni Rometty, IBM Chairman, President and Chief Executive Officer.

“IBM will become the world’s top hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses,” she added.

Red Hat will operate as a distinct unit within IBM’s Hybrid Cloud team.

IBM will acquire all of the issued and outstanding common shares of Red Hat for $190 per share in cash, representing a total enterprise value of approximately $34 billion.

Most companies today are only 20 per cent along their cloud journey, renting compute power to cut costs.             (IANS)

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