By Michael Susin

AMD said it signed a definitive agreement to acquire Finish-based company Silo AI in an all-cash deal valued at around $665 million.

The company said on Wednesday the acquisition of the largest private AI lab in Europe comes as the group seeks to expand enterprise artificial intelligence solutions globally.

The acquisition is expected to close in the second half of 2024, it said.

Silo AI Chief Executive and co-founder Peter Sarlin will continue in the role as part of the AMD Artificial Intelligence Group.

The acquired company is specialized in end-to-end AI-driven solutions and has Allianz, Philips, Rolls-Royce and Unilever among its customers, the group added.

Write to Michael Susin at

(END) Dow Jones Newswires

07-10-24 0940ET