Advanced Micro Sells Stake to Abu Dhabi's Mubadala |
| Bloomberg - Nov 16, 2007 |
Advanced Micro Devices Inc., the world's second-largest maker of computer processors, sold an 8.1 percent stake to an investment company owned by the Abu Dhabi government for $622 million.
Mubadala Development Co. paid $12.70 a share for the 49 million new shares, Advanced Micro said in a statement today. The company filed documents with regulators yesterday in the U.S. to sell as much as $700 million in new stock.
Middle Eastern funds such as Mubadala are snapping up stocks around the globe as governments in the region invest the windfall revenue from surging oil prices. So-called sovereign wealth funds, through which governments buy equities and other assets, will grow to $7.9 trillion by 2011 from $1.9 trillion now, Merrill Lynch & Co. economists wrote in a report last month.
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- Posted: 2007-11-16 10:18:58
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