ABU DHABI (Reuters) – Abu Dhabi’s Mubadala Investment Co said on Tuesday it will sell its stake of 34.9 million common equity shares and convert 75 million warrants in U.S chipmaker Advanced Micro Devices (AMD).
The Abu Dhabi state fund, which has stakes in General Electric and private equity firm Carlyle Group, first invested in AMD in 2007.
AMD is a supplier of standard computer microprocessors, and rivals Intel Corp and Nvidia Corp.
Mubadala will continue to be a major shareholder in AMD after the transaction, with ownership of about 6.9 percent, once the 75 million warrants are converted to common equity shares, the company said.
“Today’s transaction remains in line with Mubadala’s overall investment strategy to monetize mature holdings to deliver attractive commercial returns,” Brian Lott, a spokesman with Mubadala said.
Converting the warrants will provide AMD with $448.5 million, Mubadala said in a statement issued in Abu Dhabi, the capital of the United Arab Emirates.
Reporting by Stanley Carvalho, Writing by Maher Chmaytelli and Hadeel Al Sayegh; Editing by Clarence Fernandez and Sherry Jacob-Phillips