IBM’s plan to buy Red Hat is both the biggest acquisition in IBM’s century-long history and a risky effort to position itself as a major player in cloud computing.
The $34 billion stock deal translates to $190 per Red Hat share — a 63 percent premium to the closing price Friday for the Raleigh, North Carolina, company. Red Hat Inc.’s stock soared about 45 percent in trading Monday.
The path for revitalization for IBM may be found in cloud technology, a driving force behind the blockbuster deal for Red Hat over the weekend.
“It’s a big bet but ultimately they’re in a situation where they needed to make a significant acquisition to move them potentially forward,” Wedbush analyst Daniel Ives said.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A TOP ENERGY STRATEGIST IS OPTIMISTIC ABOUT CLIMATE CHANGE. AND HE HAS THE DATA TO BACK THAT UP
When it comes to energy, Jarand Rystad is the numbers guy. The former McKinsey Company partner founded Oslo-based Rystad Energy, an independent research and energy intelligence company that sells data and analysis on oil, gas, coal and renewable forms of energy.
CHINA ANNOUNCES MORE SUPPORT FOR ECONOMY BUT HOLDS BACK ON MAJOR SPENDING PACKAGE
China’s economic planning agency outlined details of measures aimed at boosting the economy this week but refrained from major spending initiatives.
GOOGLE SAYS IT WILL STOP LINKING TO NEW ZEALAND NEWS IF A LAW PASSES FORCING IT TO PAY FOR CONTENT
Google said it will stop linking to New Zealand news content and will reverse its support of local media outlets if the government passes a law forcing tech companies to pay for articles displayed on their platforms.
FACEBOOK, YOUTUBE AND TIKTOK USERS IN EUROPE GET FORUM TO CHALLENGE SOCIAL MEDIA CONTENT DECISIONS
Social media users in the European Union will soon have a new forum to challenge decisions by platforms to remove posts and videos for breaking their rules or leave up others that may violate them.
'JOKER 2' STUMBLES AT BOX OFFICE AMID POOR REVIEWS FROM AUDIENCES AND CRITICS
“Joker: Folie à Deux” is the No. 1 movie at the box office, but it might not be destined for a happy ending.
CONTROL THE PATH AND POWER OF HURRICANES LIKE MILTON? FORGET IT ,SCIENTISTS SAY
Hurricanes are humanity’s reminder of the uncontrollable, chaotic power of Earth’s weather.
JUDGE RULES THE FTC CAN PROCEED WITH ANTITRUST LAWSUIT AGAINST AMAZON, TOSSES OUT FEW STATE CLAIMS
A federal judge said the Federal Trade Commission can proceed with its landmark antitrust lawsuit against Amazon. But, he also gave the company a small victory by tossing out a few claims made by states involved in the legal fight.
HYUNDAI HAS BEGUN PRODUCING ELECTRIC SUVS AT ITS $7.6 BILLION PLANT IN GEORGIA
Hyundai has begun producing electric SUVs in Georgia less than two years after breaking ground on its sprawling, $7.6 billion manufacturing plant west of Savannah.
A SPACECRAFT IS ON ITS WAY TO A HARMLESS ASTEROID SLAMMED BY NASA IN A PREVIOUS SAVE-THE-EARTH TEST
A spacecraft blasted off Monday to investigate the scene of a cosmic crash.
FEDERAL JUDGE ORDERS GOOGLE TO OPEN ITS ANDROID APP STORE TO COMPETITION
A federal judge this week ordered Google to tear down the digital walls shielding its Android app store from competition as punishment for maintaining an illegal monopoly that helped expand the company’s internet empire.
