IT'S OFFICIAL: IBM is acquiring software company Red Hat for $34 billion

IBM has struck a deal to acquire the cloud software company Red Hat for $34 billion.

IBM will pay $190 a share for the software company, which it described as the world's leading provider of open-source cloud software, a premium of more than 60% from Red Hat's closing stock price of $116.68 on Friday. Shares traded upward of $175 in June, but disappointing earningscombined with a volatile market to see the price drop sharply.

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