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Technology Stocks : IBM
IBM 307.20-0.9%3:59 PM EDT
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From: Glenn Petersen10/8/2020 7:03:48 AM
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IBM shares surge on plans to spin off infrastructure services unit as a new public company

PUBLISHED THU, OCT 8 20206:46 AM EDT
UPDATED MOMENTS AGO
Reuters

International Business Machines will separate the managed infrastructure services unit of its global technology services division into a new public company, it said on Thursday.

Shares of IBM jumped 5% in premarket trading on the report.

IBM said it hopes to become more focused on cloud software and solutions through the separation. The spin-off is expected to be tax-free to IBM shareholders, and completed by the end of 2021, the company said.

J.P. Morgan Securities and Lazard are serving as financial advisors for the transaction, with Paul, Weiss, Rifkind, Wharton & Garrison acting as legal advisor.

—CNBC contributed to this report.

This story is developing. Please check back for updates.

cnbc.com
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