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Ibm Acquires Red Hat Linux Enterprise Software Developer in $34 trillion TransactionByNitish Singh-October 29, 2018.071 Ibm purchased Red Hat Open Source Enterprise Software for $34 trillion. In the second half of 2019, the transaction will be completed. The tech giant will concentrate on open source technologies and cloud computing applications with open source solutions. Red Hat is one of the oldest companies developing open source enterprise-grade Linux applications. The company has reached an arrangement with Ibm that will see Red being bought for $34 billion. A joint announcement was made on the website of Ibm which revealed that the tech giant would pay Red Hat for all existing shares in cash. The enterprise software company will become part of the Hybrid Cloud division of Ibm. Red Hat Ceo Jim Whitehurst has announced he will join the Ibm senior management team and work under Ceo Ginni Rometty. Goldman Sachs J.P. Morgan and Lazard were Ibm’s financial advisors while Red Hat was represented by Morgan Stanley and Guggenheim. In the joint announcement, both companies announced that “they would help clients build cloud-native business applications more rapidly achieve greater portability and data and device protection through various public and private clouds, all with clear cloud management. In doing so, they will rely on their joint leadership by key technologies such as Kubernetes multi-cloud management and domain security and automation containers for Linux. “Red Hat has been thinking about a merger with other companies for years but even companies such as Google have declined. Ibm has engaged in discussions and recently entered into an agreement with the developer of the Linux software. Given its technical innovation, Ibm has fallen behind Amazon and Microsoft in the cloud infrastructure environment and the new acquisition could help the tech giant catch up. Grip.