UPDATE 6-IBM to acquire software company Red Hat for $34 billion [Reuters (UK)]
International Business Machines Corporation (IBM)
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Source: Reuters
IBM to acquire software company Red Hat for $34 billion | Reuters 5 Min Read (Reuters) - IBM Corp said on Sunday it had agreed to acquire U.S. software company Red Hat Inc for $34 billion, including debt, as it seeks to diversify its technology hardware and consulting business into higher-margin products and services. The transaction is by far IBM’s biggest acquisition. It underscores IBM Chief Executive Ginni Rometty’s efforts to expand the company’s subscription-based software offerings, as it faces slowing software sales and waning demand for mainframe servers. IBM, which has a market capitalization of $114 billion, will pay $190 per share in cash for Red Hat, a 63 percent premium to Friday’s closing share price. Founded in 1993, Red Hat specializes in Linux operating systems, the most popular type of open-source software, which was developed as an alternative to proprietary software made by Microsoft Corp. Headquartered in Raleigh, North Carolina, Red Hat charges fees to its corpo
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