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Abu Dhabi's Mubadala sells 34.9 million shares in American chipmaker AMD



ABU DHABI (Reuters) – Abu Dhabi's Mubadala Investment Co. has sold 34.9 million shares in Advanced Micro Devices (AMD) shares, says a Tuesday spokesman, and plans to convert 75 million warrants into US chipmaker.

Mubadala did not reveal the sales price; But the market value of the 34.9 million shares was around $ 842 million based on Monday's closing price.

The Abu Dhabi State Fund, which operates in General Electric and the private equity firm Carlyle Group, first invested in AMD in 2007.

AMD is a provider of standard computing processors and rivals Intel Corp and Nvidia Corp.. [19659002] Mubadala will continue to be a major shareholder in the global semiconductor company after the transaction, with approximately 6.9 percent ownership, when the 75 million subscription rights are converted into shares in shares, the company said.

The State Fund has trimmed its share in AMD in recent years. Mubadala had an initial 1

2.9 percent stake in the chip maker, according to the annual report for fiscal year 2017.

"Today's transaction remains in line with Mubadala's overall investment strategy to monetize mature businesses to deliver attractive commercial returns," says Brian Lott, A spokesperson with Mubadala.

Converting subscription rights will give AMD $ 448.5 million, Mubadala said in a statement issued in Abu Dhabi, the capital of the United Arab Emirates.

Mubadala Investment Co. manages a $ 225 billion portfolio.

Reporting by Stanley Carvalho, by Maher Chmaytelli and Hadeel Al Sayegh, Editing Sherry Jacob-Phillips

Our Standards: Thomson Reuters Trust Principles.

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