IBM has struck a deal to acquire cloud software company Red Hat for $34 billion.
IBM will pay $190 per share for the software company, which it described as the world’s leading provider of open source cloud software, a more than 60% premium to Red Hat’s closing stock price of $116.68 on Friday. Shares traded upwards of $175 in June, but disappointing earnings combined with a volatile market had seen the price drop sharply.
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