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Intel in talks to buy GlobalFoundries for about $30 billion - WSJ

07/15/2021 | 07:49pm EDT
FILE PHOTO: FILE PHOTO: An Intel Tiger Lake chip is displayed at an Intel news conference during the 2020 CES in Las Vegas

(Reuters) -Intel Corp is in talks to buy semiconductor manufacturer GlobalFoundries Inc for about $30 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Any deal talks don't appear to include GlobalFoundries directly, as a spokesperson for the company told the Journal it was not in discussions with Intel, according to the report. (https://on.wsj.com/3yXFQLU)

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 car makers 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 $20 billion to invest in factories in the U.S.

Intel said it intended to open its factories to outside chip designers, as it competes with Taiwan's Semiconductor Manufacturing Co Ltd and Korea's Samsung Electronics Co Ltd.

GlobalFoundries, which is owned by Abu Dhabi sovereign wealth fund Mubadala Investment Co, has a manufacturing footprint across the U.S., Europe and Asia.

Mubadala is looking at a potential listing of GlobalFoundries later in the
year, Reuters reported in June, citing sources familiar with the matter. https://reut.rs/2UQD0cK

GlobalFoundries' customers includes Advanced Micro Devices Inc, its parent company before it was spun off more than a decade earlier, a relationship that could spark antitrust questions about an Intel deal.

Intel declined to comment, while Mubadala and GlobalFoundries did not immediately respond to Reuters requests for comment.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)


© Reuters 2021
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