IBM, an American multinational technology company, completed the spin-off of its managed infrastructure unit into Kyndryl a $7.3bn deal. "The separation of Kyndryl is one of many actions we are taking to sharpen our focus on hybrid cloud and AI, leverage a portfolio clearly focused on technology and consulting, and achieve our growth objectives. We look forward to our partnership with Kyndryl as it moves forward as an independent company," Arvind Krishna, IBM Chairman and CEO.