IBM announced Monday that it is acquiring data streaming platform Confluent in a deal worth $11 billion.
Shares of Confluent soared 26% premarket. IBM stock sank about 1%.
IBM will pay $31 per share in cash for all of the issued and outstanding common shares of Confluent, according to a release. The transaction is expected to close by the middle of 2026.
"With the acquisition of Confluent, IBM will provide the smart data platform for enterprise IT, purpose-built for AI," IBM CEO Arvind Krishna said in a release.
IBM said the deal will bolster its artificial intelligence offerings as it expects global data growth to more than double by 2028.
This is breaking news. Please refresh for updates.
