SeaPRwire

Chipmaker GlobalFoundries prices IPO at upper end to raise $3.5 billion: Sources

elean
2 minutes

BENGALURU (REUTERS) - GlobalFoundries, which has big semiconductor manufacturing operations in Singapore, has raised about US$2.6 billion (S$3.5 billion) in its initial public offering (IPO). The company on Wednesday (Oct 27) sold shares in its IPO at US$47 a piece, the higher end of its targeted price range. The IPO gives GlobalFoundries a valuation of about US$26 billion, making it one of the biggest stock market flotations of the year in the United States. Abu Dhabi's sovereign wealth fund Mubadala Investment, which holds a majority stake in GlobalFoundries, sold 22 million shares in the IPO. Funds associated with BlackRock, Fidelity Management & Research Company, some affiliates of Koch Strategic Platforms, Columbia Management Investment Advisers and Qualcomm invested over US$1 billion in the IPO. A spokesman for GlobalFoundries said the company is waiting to finalise the details and declined to comment on the IPO price. The IPO comes at a time when demand for chips has sky-rocketed due to a global shortage that has forced automakers and other electronics firms to cut production. Strong demand for chips has boosted revenue at GlobalFoundries over the past 12 months and helped i...

SeaPRwire

Intel in talks to buy chip giant GlobalFoundries for about $40.6 billion: WSJ

elean
2 minutes

BENGALURU (REUTERS) - Intel Corp is in talks to buy chip giant GlobalFoundries, a big investor in Singapore manufacturing, for about US$30 billion (S$40.6 billion), the Wall Street Journal reported on Thursday (July 15). Any deal talks do not appear to include GlobalFoundries directly, as a spokesman for the company told WSJ it was not in discussions with Intel, according to the report, which cited sources familiar with the matter. The talks come as a semiconductor shortage is hobbling industries around the globe. A deal could help Intel ramp up production of chips at a time demand is at its peak and the company is looking to start producing chips for carmakers that have struggled to keep operations running due to severe shortages. Intel, one of the last companies in the semiconductor industry that both designs and manufactures its own chips, said earlier this year it would expand its advanced chip manufacturing capacity by spending as much as US$20 billion to invest in factories in the United States. Intel said it intended to open its factories to outside chip designers, as it competes with Taiwan’s Semiconductor Manufacturing Co and Korea’s Samsung Electronics. GlobalFoundries, w...