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ATIC to buy out AMD's stake in GlobalFoundries over next 3-4 years

Posted on Tuesday, March 09 2010 @ 12:06:11 CET by

Abu Dhabi investment vehicle ATIC continues to increase its stake in GlobalFoundries, and confirmed that it plans to buy the rest of AMD's stake in the foundry over a period of three to four years. ATIC will spend $2 to $3 billion this year in capacity expansions, and reveals its stake in the foundry will go up about 2 percent to 70 percent in two to three months.
Chief Executive Ibrahim Ajami told Reuters on Monday ATIC's stake in Global Foundries, a U.S.-headquartered semiconductor manufacturing company and joint venture with Advanced Micro Devices Inc (AMD) (AMD.N), would increase to 70 percent soon as part of its plans to take over the entire AMD stake in Global Foundries.

"ATIC's stake now is 68 percent. It will go up to 70 percent in two to three months," Ajami told Reuters by telephone, adding that ATIC plans to buy the rest stake through a capital call process over a period of three to four years.

"The intent is to make sure that Global Foundries is well capitalised and AMD is a buyable player," he said.
More info at Reuters.



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