Extract from Ed Hammond , Kiel Porter , and Alex Barinka's article "IBM to Acquire Linux Distributor Red Hat for $33.4 Billion"
IBM agreed to acquire software maker Red Hat Inc. in a $33.4 billion bet on jump-starting its efforts to catch up in the cloud.
International Business Machines Corp. will pay $190 a share in cash for Raleigh, North Carolina-based Red Hat, according to a statement from the companies Sunday, confirming an earlier Bloomberg News report. That’s a 63 percent premium over Red Hat’s closing price of $116.68 per share on Friday.
"The acquisition of Red Hat is a game-changer. It changes everything about the cloud market," said Ginni Rometty, IBM’s chairman and chief executive officer, in the statement.
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