GLOBALFOUNDRIES Inc. entered into a definitive agreement to acquire microelectronics business of International Business Machines Corporation (NYSE:IBM) on October 18, 2014. IBM will pay GLOBALFOUNDRIES $1.5 billion over the next three years as consideration. GLOBALFOUNDRIES plans to provide employment opportunities for substantially all IBM employees at the facilities in East Fishkill, New York and Essex Junction, Vermont part of the microelectronics businesses, except for a team of semiconductor server group employees who will remain with IBM. The transaction is subject to regulatory and customary closing conditions. The transaction is expected to close on December 31, 2015. The Competition Commission of India approved the transaction on December 23, 2014. As on June 30, 2015, GlobalFoundries received regulatory approvals from the United States government.

The Goldman Sachs Group, Inc. acted as financial advisor for IBM. Minh Van Ngo, Mark Mushkin, Benjamin S. Persina, Isaac C. Beerman, Jennifer S. Conway, Audry X. Casusol, Matthew Cantor, Julia L. Onorato, Amy C. Benford, Andrew W. Needham, Andrew Carlon, Matthew Morreale, Kevin J. Grehan, John Gerhard, Joyce Law and Mathew J. Saur of Cravath, Swaine & Moore LLP acted as a legal advisor to International Business Machines Corporation. Credit Suisse (USA), Inc. acted as financial advisor for GLOBALFOUNDRIES. William Gutowitz, Jackie Cohen, Dawn Kim, Dening Kong, Christina De Vuono, Rachel Shapiro, Donald Whittaker, Karen Ballack, Jeffrey Osterman, Arlene Hahn, Caroline Geiger, Marisa Geiger, Nick Sinclair, Alexa Chu Clinton, Jeremy Hutcher, Janell Wise, Anne Cappella, Annemargaret Connolly, Thomas Goslin, Kimberly Blanchard, Joey Juhn, Paul Wessel, Jeffrey Lieberman, Verity Rees, Brian Hamano, Beatriz Azcuy-Diaz and Leslie Smith of Weil Gotshal & Manges acted as legal advisors to GLOBALFOUNDRIES. Janet L. McDavid, Logan M. Breed, Ciara Kennedy-Loest and Adrian Emch of Hogan Lovells acted as the legal advisor to International Business Machines Corporation. Samir Gandhi, Rahul Rai, Hemangini Dadwal and Kadambari Chinoy of AZB & Partners acted as legal advisor for GLOBALFOUNDRIES Inc.

GLOBALFOUNDRIES Inc. completed the acquisition of microelectronics business of International Business Machines Corporation (NYSE:IBM) on July 1, 2015.