American multinational technology company International Business Machines Corporation (IBM) announced that its Board of Directors has approved the long-pending separation of Kyndryl, IBM’s managed infrastructure service business. After the separation, IBM will focus on its core hybrid cloud and artificial intelligence (AI) solutions business. Following the news, shares sank 1.4%, closing at $140.47 on October 12. As per the terms, IBM shareholders will receive 80.1% of Kyndryl’s common stock on a pro-rata basis. Each IBM shareholder will receive one share of Kyndryl for every five IBM shares held. The distribution is expected on November 3, 2021, to shareholders of record on October 25, 2021.
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