International Business Machines Corp said on Thursday it would spin off the managed infrastructure services unit of its Global Technology Services division into a new public company.
The company said it hopes to become more focused on cloud software and solutions through the separation.
IBM shares were up more than 4% in premarket trading.
The separation of the new company is expected to be achieved as a tax-free spin-off to IBM shareholders and completed by the end of 2021, IBM said.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Ramakrishnan M.) ((munsif.vengattil@thomsonreuters.com;))
