IBM Corp. said Thursday that it completed its $5 billion acquisition of Canadian business software maker Cognos Inc.
The acquisition is the largest ever for International Business Machines, which agreed to buy Cognos for $58 per share last November.
Separately, IBM said Thursday that it obtained approval for the purchase from the Canadian Minister of Industry, which was the final regulatory clearance it needed to finalize the transaction.
IBM said that in relation to the approval, which came under the Investment Canada Act, it made several commitments to the Minister of Industry that relate to Cognos' operations and employees in Canada that highlight the benefit of the purchase to the country.
The commitments include access to IBM's global reach, technology portfolio, partner network and customer base, as well as ensuring that senior managers are Canadians or stationed in Canada.
IBM said it intends to combine Cognos' Canadian operations with IBM Canada's existing operations.
The company also said it anticipates that current Cognos chief executive and president Rob Ashe will keep leading the business unit from Canada.
IBM shares rose 48 cents to $106.13 in afternoon trading.
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