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IBM to acquire Red Hat for $34 billion cash

IBM is all set to acquire iconic Linux firm Red Hat in a $34 billion all-cash deal.

In a joint statement issued by both companies, it was said that IBM will pay $190 for each share of Red Hat.

This is a huge move by IBM. After a decade worth spending on AI, Block chain and other domains, the company is moving back to what was once a reason for its excellence. Enterprise services could take a paradigm shift with this move and could have a great impact on open source technology in the future.