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IBM to buy Red Hat for 63% premium in big play for the cloud

International Business Machines Corp. said Sunday it plans to be the world’s largest hybrid cloud provider by acquiring open-source software company Red Hat Inc. for 63% above Friday’s closing price.

IBM IBM, -1.31% said Red Hat RHT, -3.19% agreed to be acquired for $190 a share in cash in a deal with an enterprise value of about $34 billion. Red Hat shares closed down 3.2% at $116.68 on Friday, were down 0.7% in Friday’s after-hours trading, and don’t appear to have registered any pre-market trades to Monday’s open as of yet, according to FactSet data. With 176 million shares of Red Hat outstanding, the company has a market cap of $20.54 billion.

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