AMD closes 'Asset Smart' Transaction

Bengaluru: AMD announced the closing of its Asset Smart transaction with the Advanced Technology Investment Company (ATIC) and Mubadala Development Company of Abu Dhabi, which will be followed by the formal launch of the US-headquartered semiconductor foundry, temporarily called 'The Foundry Company'. The Foundry Company is expected to formally launch and disclose the new name and visual identity in next few days.

AMD received $700 million from ATIC for a portion of its ownership interests in The Foundry Company, The Foundry Company assumed responsibility for the repayment of approximately $1.1 billion of associated AMD debt, and Mubadala paid AMD approximately $125 million for 58 million newly issued AMD shares and warrants for 35 million additional shares.

"Our 'Asset Smart' strategy is about more than providing AMD with long term access to world-class, leading-edge semiconductor manufacturing that is foundational to our growth strategy. It is about transforming the industry. ATIC is the ideal partner to help scale AMD 's forty years of semiconductor expertise, and provide a manufacturing foundation for the entire industry to produce the next generation of semiconductor innovations. We are proud of our vision, the opportunities we are creating around the world, and fortunate to have astute, committed strategic partners in Mubadala and ATIC, and we are delighted to welcome Mubadala to the board of AMD ," said Dirk Meyer, President and CEO , AMD .