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In addition to giving up its less than 10 percent stake, AMD said it will pay GlobalFoundries $425 million as part of the deal. It expects to book a one-time charge of $703 million in the first quarter to cover the cash payment and other costs. AMD spun off its chip-making operations into GlobalFoundries in 2009 in an effort to cut costs. ATIC took a majority stake in the newly created company at the outset. ATIC was set up by the government of Abu Dhabi to drive the development of a technology industry in the oil-rich sheikdom, the capital of the United Arab Emirates. It bought Singapore's Chartered Semiconductor Manufacturing Ltd. for $1.8 billion in 2009 and combined those operations into GlobalFoundries' business.
[Associated
Press;
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