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Monday, 19 November 2007 14:10

Abu Dhabi buys AMD stock

Written by David Stellmack

Image

8.1 percent stake, or $700 million


Mubadala Development Company of Abu Dhabi, a company owned by the government of Abu Dhabi, announced that it has purchased approximately 8.1 percent of the common stock of Advanced Micro Devices, Inc. (AMD). According to Reuters News, Waleed al-Mokarrab al-Muhairi, Mubadala's Chief Operating Officer, sent a text message on Friday stating, "We have already bought the stake as of today." While Mubadala did not indicate the price paid for the stock, AMD posted a registration statement with the U.S. Securities and Exchange Commission on Thursday, November 15th, indicating that it would sell up to $700 million in common stock and use the proceeds for general corporate purposes. An 8.1 percent stake in AMD would be worth approximately $550 million at the stock’s last traded price on Friday, November 16th.  While the COO of Mubadala did not indicate the actual price paid, sources close to the situation said the deal would cost Mubadala approximately $700 million.

The deal must still be reviewed by the U.S. Committee on Foreign Investment, which reviews acquisitions by overseas investors due to national security purposes.

AMD declined to comment on the deal.

Last modified on Monday, 19 November 2007 14:11

David Stellmack

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