IBM finalises acquisition of Red Hat

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Global IT services and software giant, IBM Inc. said it has completed the acquisition of Red Hat Inc.

The acquisition which was closed at a monetary value of $34 billion will give IBM an exposure to the cybersecurity software business.

It would be recalled that IBM announced that it received approval to acquire Red Hat.

The EU competition commission said it okayed the acquisition because the deal will not hamper the company’s competition.

The approval comes from the EU antitrust body for IBM to buy Red Hat for a transaction value of $34 billion.

The Red Hat acquisition will perhaps be IBM’s biggest deal to increase its revenue with the subscription software side of its business.

IBM said in a statement that Red Hat will continue “to build and expand its partnerships, including those with major cloud providers, such as Amazon Web Services, Microsoft Azure, Google Cloud and Alibaba.”