When it was announced last year that a district in Toronto would be handed over to a company hoping to build a model for new tech-driven smart city, critics were quick to voice concerns.

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IBM is acquiring Red Hat, a major distributor of open-source software and technology, in a deal valued around $34 billion, the companies announced on Sunday. According to a joint statement, IBM will pay cash to buy all shares in Red Hat at $190 each. Shares in Red Hat closed at $116.

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