Phil Elliott
09:15 (BST)
19/11/2007
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AMD receives Abu Dhabi investment
Mubadala Development Company ploughs $622 million into chip-maker
AMD has announced that it has concluded a deal with Abu Dhabi-based Mubadala Development Company that will see it receive USD 622 million before costs in exchange for 49 million shares.
According to a company statement, the money will be used "for general corporate purposes including accelerating its long-term, customer-focused growth strategy by investing in research and development, product innovations and manufacturing excellence."
Despite recent losses at the company, Mubadala sees the investment as a good opportunity, according to CEO and managing director Khalifa Al Mubarak.
"AMD is a great fit for Mubadala's investment approach — a spirited competitor and innovator led by a strong and visionary management team. We see significant opportunities for long-term growth and value creation."
The deal does not confer any controlling options to Mubadala, nor will it receive a place on the AMD board.
AMD today launched its Spider platform, which is designed for cutting-edge gaming with the inclusion of four ATI graphics card, while its main rival, Intel, has recently released its new hafnium-based 45nm chip.
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