6/27/2019, 4:01 PM (Source: TeleTrader)
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Chart for: International Business Machines Corporation

EU approves IBM's $34B acquisition of Red Hat

The European Commission on Thursday unconditionally approved a $34 billion acquisition of Red Hat Inc. by International Business Machines Corp. (IBM), as the transaction would "raise no competition concerns."

During its investigation, the European Commission assessed that the merged entity would continue to face significant competition from other players in all the potential global markets, as well as that said entity won't have enough market power to shut out competitors by bundling or degrading interoperability.

United States Department of Justice approved the merger last month, while the media earlier reported that IBM was planning to sell $20 billion in bonds to finance its acquisition of the open-source competitor.

Breaking the News / MA