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Wed 7 Jan 2009 10:46 AM

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US approves AMD joint venture with Abu Dhabi

Committee on Foreign Investment clears the venture known as The Foundry Company

The Committee on Foreign Investment in the United States (CFIUS) has cleared a joint venture between Advanced Micro Devices and the Advanced Technology Investment Company, owned by the government of Abu Dhabi.

The Committee, which reviews deals for national security reasons, issued a clearance for the venture known as The Foundry Company, which was confirmed by AMD yesterday.

The new company will be headquartered in Silicon Valley, with its R&D and manufacturing teams in New York, Dresden, and Texas.

As part of the agreement, ATIC will own the controlling interest with a 55.6% share in the venture.

Mubadala Development Co., another Abu Dhabi investment company, is increasing its investment in AMD to 19.3% from its present 8.1% by purchasing shares and warrants worth $314 million.

This increase in investment will not be subject to review by the CFIUS.

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