Raleigh-based Red Hat announced Sunday that it was being purchased by IBM.
Red Hat is the world’s leading provider of enterprise open-source software solutions, according to the company.
The purchase by IBM “brings together the best-in-class hybrid cloud providers,” according to the news release from Red Hat.
IBM will acquire all of the issued and outstanding common shares of Red Hat for $190 per share in cash, representing a total value of about $34 billion, officials said.
“With this acquisition, IBM will remain committed to Red Hat’s open governance, open source contributions, participation in the open source community and development model,” according to the news release.
The deal is expected to be finalized in the latter half of 2019, Red Hat said.
Click here to read the full news release from Red Hat