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clipped from www.marketwatch.com
NEW YORK (MarketWatch) -- Advanced Micro Devices Inc. said Tuesday it plans to spin off its manufacturing operations in the form of a multibillion-dollar joint venture with an Abu Dhabi investment firm.
AMD (AMD:
Advanced Micro Devices, Inc
 Last: 4.23-0.30-6.62%
8:26am 10/07/2008
Delayed quote data
Sponsored by:
AMD
 4.23, -0.30, -6.6%)
said it will own 44.4% of Foundry Co., as the venture will be called. The remaining 55.6% would be own by Advanced Technology Investment Co., an investment company formed by the government of Abu Dhabi.
Under the deal, ATIC will pay $700 million to AMD for its ownership stake in Foundry Co., with the joint venture also assuming $1.2 billion of AMD's debt. At the same time, Mubadala Development Co. will pay $314 million to AMD for 58 million newly issued shares and warrants to buy an additional 30 million
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