Abu Dhabi buys AMD stake for $622 million

Nov. 16, 2007 at 3:36 PM

NEW YORK, Nov. 16 (UPI) -- An investment arm of the Abu Dhabi government has bought an 8.1 percent stake in Advanced Micro Devices for $622 million.

The deal for a share of the struggling computer chip maker was the latest U.S. transaction by the oil-rich Middle East nation through recent investments in high-tech sectors, the Wall Street Journal said Friday.

Abu Dhabi's strategic investment arm, Mubadala Development Co. will receive 49 million shares of AMD at the Nov. 15 closing price of $12.70 a share.

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