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.
[NEWS] @IBM to acquire Red Hat and become the world’s leading #hybridcloud provider. https://t.co/goihRICRr3 https://t.co/G8SKS5gsVk pic.twitter.com/GJL4UmBu1B
— Red Hat, Inc. (@RedHat) October 28, 2018
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.