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BW: Red Hat Completes Cygnus and HKS Acquisitions to Create Global Open Source Powerhouse

Jan 10, 2000, 15:37 (1 Talkback[s])

"Red Hat(R), Inc... announced the completion of the acquisitions of privately-held Cygnus Solutions and Hell's Kitchen Systems, Inc. (HKS). The Cygnus transaction, to be accounted for as a pooling of interest, was completed in a stock-for-stock merger in which Red Hat issued up to 6,624,344 shares for all outstanding securities of Cygnus. Red Hat will issue up to 398,335 shares for all the outstanding shares of HKS in a transaction to be accounted for under the purchase method of accounting. Matthew Szulik, the president and CEO of Red Hat, leads the combined companies.

"The acquisitions make Red Hat, Inc. the largest company in the world dedicated to providing open source technology, information and services, offering the full spectrum of open source software and support --- from enterprise server and e-commerce deployments to embedded and handheld platforms."

Complete story.