FINANCIAL NEWS

Abu Dhabi’s ATIC ups stake in GlobalFoundries to 100%

05 Mar 2012

(MENAFN) Abu Dhabi’s ATIC increased its stake in GlobalFoundries to full control, as it bought minority stake from its former partner AMD, AP reported.

AMD will remain a key customer for GlobalFoundries, which has chip-making plants in Dresden, Germany and Singapore.

AMD said GlobalFoundries agreed to give up a requirement that it buys a new type of chip for a set period and make quarterly payment obligations that were outlined in an earlier supply agreement.

Also, AMD agreed to pay GlobalFoundries USD425 million as part of the deal. It expects to book a one-time charge of USD703 million in the first quarter to cover the cash payment and other costs.

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