ATIC aims to buy up Globalfoundries

Abu Dhabi investment group files for permission to buy out AMD's remaning stake in joint venture

Tags: Advanced Micro Devices IncorporatedAdvanced Technology Investment CompanyFabGLOBALFOUNDRIES IncorporationGermanyUnited Arab Emirates
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ATIC aims to buy up Globalfoundries AMD will reduce its stake in Globalfoundries according to CEO Doug Grose. (Getty Images)
By  Mark Sutton Published  January 21, 2010

Abu Dhabi's Advanced Technology Investment Co is looking to a complete take over Globalfoundries, according to Reuters.

ATIC has filed an application with Germany's cartel office, on 12th January, to buy out AMD's share of the company.

Globalfoundries was formed from the microprocessor manufacturing business of AMD in 2007, with ATIC investing $2.1 billion for a 55.6% stake in Globalfoundries, although it later renegotiated the deal to give it 65.8% of the company.

According to a statement from ATIC the "action is simply consistent with the long-announced plan for AMD to gradually become fab-less, which was one of the key strategies behind the creation of Globalfoundries".

Globalfoundries chief executive Doug Grose also confirmed to Reuters last week that AMD will reduce its stake in the company over time, moving away from manufacturing to focus totally on chip design.

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