IBM Doubles Down on Hybrid Cloud Strategy, Announces Acquisition of Red Hat; Shares Undervalued
IBM announced that it had reached a definitive agreement to acquire Red Hat for $190 per share, or $34 billion in enterprise value. We expect the deal to be funded through a mixture of cash and debt while IBM also suspends its stock buyback program for fiscal 2020 and 2021. We see some strategic rationale in favor of IBM's planned acquisition and believe there can be scale-related revenue synergies based on cross-selling opportunities. However, we think IBM has been backed into this position and...International Business Machines provides integrated solutions and products that utilize data, information technology, capability in industries and business processes. The company has five segments: Cloud and Cognitive Software, which provides a range of software offerings; Global Business Services, which provides consulting, systems integration, application management and business process outsourcing services; Global Technology Services, which provides project services, managed and outsourcing services, cloud-delivered services, and technical and IT support services; Systems, which provides technology and service; and Global Financing, which provides client financing, among others.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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