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Abu Dhabi to invest $8.4bn in AMD
- United Arab Emirates: Tuesday, October 07 - 2008 at 08:54
US-based Advanced Micro Devices plans to spin off its manufacturing plants as part of an $8.4bn investment from the Abu Dhabi government, reported Bloomberg. Abu Dhabi will pay AMD $700m for a stake in a new company that will own two plants in Germany and build another in New York. The new company, which will assume $1.2bn of AMD's debt, will receive as much as $6bn from Abu Dhabi to expand the factories and get $1.4bn in operating capital. Abu Dhabi will also pay $314m to double its stake in AMD to 19%.
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Jeff Florian, Senior ReporterTuesday, October 07 - 2008 at 08:54 UAE local time (GMT+4)
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This article was updated on Fri Oct 17 2008.
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