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7/9/2019, 3:54 PM (Source: TeleTrader)
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IBM completes Red Hat acquisition

IBM and Red Hat announced on Tuesday they have completed their $34 billion merger after gaining regulatory approval in the United States and the European Union. The tech giant said the new combined company will "redefine the cloud market for business."

According to the deal, Red Hat will continue to be led by its current management team and Jim Whitehurst, who will join IBM's senior management team, and will report directly to the company's chairman Ginni Rometty. The North Carolina-based Red Hat will operate as a distinct unit within IBM and will be reported as part of IBM's Cloud and Cognitive Software segment, the company stated.

"Businesses are starting the next chapter of their digital reinventions, modernizing infrastructure and moving mission-critical workloads across private clouds and multiple clouds from multiple vendors. IBM and Red Hat are uniquely suited to meet these needs. As the leading hybrid cloud provider, we will help clients forge the technology foundations of their business for decades to come," Rometty said in the press release.

Breaking the News / MD