Abu Dhabi’s Mubadala sells second stake in US chipmaker AMD

Abu Dhabi’s Mubadala Investment Company said it sold a 3.9 per cent stake in Advanced Micro Devices in its second sale of shares in the U.S.-based semiconductor company this year.

State-owned Mubadala sold 40 million shares or 3.9 per cent of the outstanding shares of the company, inclusive of warrants and excluding the convertible bonds, Mubadala spokesman Brian Lott said on Friday. The value of the deal was not disclosed. According to Reuters calculations, the sale value was $529.6m based on AMD’s closing share price of $13.24 on Thursday.

“This is in line with Mubadala’s strategy as a financial investor with a long-term perspective, to optimise our shareholding in certain assets and monetise them at the appropriate time,” Lott said.

In March, Mubadala sold 45 million shares for around $613m.

Mubadala continues to be the largest shareholder in AMD, holding 57 million common shares and 75 million warrants, representing a 12.9 per cent stake.

Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, among others, was formally merged with another Abu Dhabi investment fund, International Petroleum Investment Co (IPIC) in January.

The merger created a firm with assets of about $122bn based on valuations at the end of 2016.