IBM is buying cloud computing company Red Hat for $34 billion, its biggest acquisition ever, the company announced on Sunday.

The deal is a challenge to Amazon, Google, and Microsoft, which have dominated the cloud — another term for third-party data storage.

“The acquisition of Red Hat is a game-changer. It changes everything about the cloud market,” IBM Chief Executive Ginni Rometty said.

The deal values the company at $190 a share, a nearly 63 percent premium over where the stock traded on Friday, at $116.68.

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