IBM buys software company Red Hat for $34bn: statement

IBM said Sunday it has reached a deal to buy software company Red Hat for $34 billion, a move the computing giant said would enhance its cloud offerings, a key area of growth.The deal will see IBM acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, more than $70 above the $116.68 at which Red Hat was trading on close of business Friday.Red Hat said it was the biggest involving a software company.