AMD Sells 8.1 Percent Stake to Mideast Firm

The Abu Dhabi government's investment arm paid $622 million for an 8.1% stake in Advanced Micro Devices Incorporated. A unit of Mubadala Development Company received 49 million newly-issued AMD shares at a closing price of $12.70 each. The Sunnyvale-based chip maker received about $608 million, after reimbursing the United Arab Emirates investment firm for approximately $14.6 million in expenses. The world's second largest microprocessor maker said it will use the proceeds for general corporate purposes including investing in research and development, product innovations and manufacturing. The company said Mubadala will not receive any board representation as part of the non-controlling, minority investment - therefore this transaction isn't subject to review by the Committee on Foreign Investment in the U.S.

News source: Physorg

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