IBM plans billion-euro deal
Becoming the leading hybrid cloud provider with Red Hat
IBM wants to acquire the software manufacturer Red Hat, which relies on open source and Linux. The aim: to become the leading hybrid cloud provider.
IBM is offering USD 190.00 per Red Hat sharein cash for the takeover - which corresponds to a total enterprise value of around USD 34 billion. A considerable premium: last Friday (October 26, 2018), the share price closed at 116.78 US dollars. Red Hat focuses on open source and offers various Linux-based solutions for companies; its turnover in the last financial year was USD 2.92 billion.
The IBM Group is euphoric: "The acquisition of Red Hat is a turning point. It changes everything in the cloud market. IBM will become the world's leading hybrid cloud provider," says IBM CEO Ginni Rometty.
IBM and Red Hat want to help users build cloud-based business applications faster, achieve greater portability and security of data and applications across multiple public and private clouds - and thus accelerate the overall adoption of hybrid multi-cloud solutions.
The companies expect the acquisition to be completed in the second half of 2019. Red Hat will then join IBM's Hybrid Cloud team as a standalone unit and will continue to be led by Jim Whitehurst and the current management team.
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