IBM jumps 9% after it reveals plan to spin off legacy business to focus on cloud unit



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Reuters

  • IBM surged on Thursday after it announced plans to spin off its legacy managed infrastructure business so it can solely focus on building up its cloud division.
  • The spinoff is expected to be tax-free for IBM shareholders and will be completed by the end of 2021, the company said.
  • “IBM is laser-focused on the $1 trillion hybrid cloud opportunity,” IBM CEO Arvind Krishna said.
  • IBM also released preliminary third quarter earnings results.
  • Visit Business Insider’s homepage for more stories.

IBM is shedding its legacy business to focus on growing its cloud unit, according to a release on Thursday.

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IBM will spin off its managed infrastructure business as a new publicly traded company in a tax-free deal for IBM shareholders. The spinoff is expected to be completed by the end of 2021.

The spinoff of IBM’s legacy networking business will allow the company to become “laser-focused”

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IBM jumps 13% after it reveals plan to spin off legacy business to focus on cloud unit

FILE PHOTO: Man stands near an IBM logo at the Mobile World Congress in Barcelona


  • IBM surged on Thursday after it announced plans to spin off its legacy managed infrastructure business so it can solely focus on building up its cloud division.
  • The spinoff is expected to be tax-free for IBM shareholders and will be completed by the end of 2021, the company said.
  • “IBM is laser-focused on the $1 trillion hybrid cloud opportunity,” IBM CEO Arvind Krishna said.
  • IBM also released preliminary third quarter earnings results.
  • Visit Business Insider’s homepage for more stories.

IBM is shedding its legacy business to focus on growing its cloud unit, according to a release on Thursday.

IBM will spin off its managed infrastructure business as a new publicly traded company in a tax-free deal for IBM shareholders. The spinoff is expected to be completed by the end of 2021.

The spinoff

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Jetex Business Jumps Due to Lack of First-class Flights

Jetex has seen business boom at its marquee VIP terminal at Dubai Al Maktoum International Airport (DWC) as Covid-19 has caused a dearth of first-class flights at UAE airline Emirates, which is today flying to only around half of the destinations it normally serves. “I expect the second half of 2020 to [see] 200 percent growth compared to [the same period] last year,” Jetex founder and CEO Adel Mardini told AIN.

He said he sometimes saw as many as 20 to 25 flights a day going through Jetex’s VIP terminal since April. “I would say 70 percent of our new customers are coming from Emirates and Etihad’s first-class clientele. People who used to fly 10 times a year in first class are now flying three times by private jet—and it’s the same budget. The more airlines shut down, the more business will come to us,” Mardini said.

Jetex has

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