International Business Machines (IBM) completed its $34 billion acquisition of software firm Red Hat, as announced by the companies on Tuesday.
Initiated in October, the deal involves IBM paying $190 per share in cash for Red Hat, a price representing a 63% premium over the stock's price before the merger was announced. This marks IBM’ s biggest deal ever.
Following the acquisition, Red Hat will be a part of IBM’s Hybrid Cloud division, according to the original announcement.
IBM had previously indicated that the merger would boost its cloud infrastructure.