Business

Published: Monday September 7, 2009 MYT 12:52:00 PM

Abu Dhabi to buy Singapore chipmaker for US$1.8 billion


SINGAPORE: Abu Dhabi's government-owned Advanced Technology Investment Co. said Monday it agreed to buy Singapore's Chartered Semiconductor Manufacturing Ltd. for 2.5 billion Singapore dollars (US$1.8 billion) in cash.

Chartered, which makes chips for Microsoft Corp.'s Xbox 360 game console, will be combined with Globalfoundries, which ATIC started last year with Advanced Micro Devices Inc.

ATIC will pay SG$2.68 a share, Chartered said in a statement.

Its shares closed at SG$2.66 on Friday.

The transaction will close during the fourth quarter, the company said. Temasek Holdings, Singapore's state investment company, owns 62 percent of Chartered's shares. - AP


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