Big Blue said it hopes to disrupt the cloud market and become one of the largest hybrid cloud providers. IBM will acquire Red Hat, an open-source technology and software distributor, for about $34 billion, the companies announced late Sunday. The deal is one of the largest tech acquisitions in U.S. history.Under the agreement, IBM will buy all of the issued and common shares of Red Hat for $190 in cash. Red Hat closed the market on Friday at $116 prior to the announcement.

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