Mideast firm to buy 8.1 pct stake from AMD

AMD

The Abu Dhabi goverment’s investment unit has planned to buy an 8.1 percent stake in world’s No. 2 microprocessor maker Advanced Micro Devices Inc (AMD) for $622 million.

The Mubadala Development Co of UAE received 49 million issued shares on Thursday when the prices closed at $12.70 each, reports came in, on Friday. After compensating the United Arab Emirates investments firm for roughly $14 million in expense AMD received in about $608 million, reports said.

AMD held out a view saying it would use the proceeds for corporate purposes including investments in research and development, product innovations etc.

Mubadala will not receive any board representation as part of the non controlling, minority investment, the company said. AMD shares went up from 8 cents to $12 in the morning trade after rising to a high of $13.36 early in the session.

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November 16, 2007 | Filed Under Tech News 

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One Response to “Mideast firm to buy 8.1 pct stake from AMD”

  1. Anonymous on November 16th, 2007

    Mideast firm to buy 8.1 pct stake from AMD…

    The Abu Dhabi goverments investment unit has planned to buy an 8.1 percent stake in worlds No. 2 microprocessor maker Advanced Micro Devices Inc (AMD) for $622 million….

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