IBM to take over Red Hat for $34 billion

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IBM Corp will takeover US Software company Red Hat to enhance its technology hardware and consulting business.

IBMIBM will also acquire the debt of Red Hat and iyt will be one of the biggest acquisition for Red Hat. The company is also planning to enhance its subscription-based software offerings.

IBM is going to shell out $190 for every share of Red Hat.

Red Hat came into existence in 1993 and is specialist in Linux operating s. Headquartered in Raleigh, North Carolina, Red Hat charges for custom features, maintenance and technical support which IBM is going to add to its portfolio.

IBM had earlier took over Softlayer in 2013 for $2 billion. It acquired Weather Channel’s assets for the same amount in 2015. It also acquired Canadian business software maker Cognos in 2008 for $5 billion.

The deal between Red Hat and IBM is expected to be closed in 2019.

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