Home / Technology / IBM to compensate Globalfoundries $1.5 bln to take chip section off the hands -WSJ

IBM to compensate Globalfoundries $1.5 bln to take chip section off the hands -WSJ


Oct 19 (Reuters) – IBM Corp has concluded to hive off
its loss-making semiconductor section to contract-chipmaker
Globalfoundries Inc, a Wall Street Journal reported, citing
people informed with a matter.

IBM will compensate Globalfoundries $1.5 billion to take a chip
operations off the hands, WSJ said. (on.wsj.com/1ur3OX4)

IBM released an advisory on Sunday observant it would make a
“major business announcement” on Monday.

Talks between IBM and Globalfoundries has been going on for
a while.

IBM is also scheduled to news the third-quarter earnings
on Monday.

Representatives during IBM and Globalfoundries were not
immediately accessible for criticism outward unchanging U.S. business
hours.

(Reporting by Shivam Srivastava in Bangalore; Editing by
Gopakumar Warrier)

Article source: http://in.reuters.com/article/2014/10/20/ibm-divestiture-idINL3N0SF1CI20141020

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