Cooley advised Confluent, the data streaming pioneer, on its definitive agreement under which IBM will acquire all of the issued and outstanding common shares of Confluent for $31 per share, representing an enterprise value of approximately $11 billion. IBM and Confluent will enable end-to-end integration of applications, analytics, data systems and artificial intelligence agents to drive intelligence and resilience in hybrid cloud environments. The transaction is expected to close by the middle of 2026.