IBM Surges As Infrastructure Spin-Off Highlights Cloud Focus

International Business Machines Corp.  (IBM) – Get Report shares jumped higher Thursday after the cloud-focused computer group said it would spin off its infrastructure division.

IBM said it will sell its ‘managed infrastructure services unit’, a legacy division that sits within the group’s global technology services group. The move will help concentrate IBM’s focus on hybrid cloud growth, the company said, which have been driving group earnings under new CEO Arvind Krishna.

IBM said the separation, a tax-free spin-off to IBM shareholders, will likely be completed by the end of next year.

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