Chip giant AMD today confirmed that it had received a significant cash injection from an investment outfit based in Abu Dhabi, the capital of the United Arab Emirates.
A wholly-owned subsidiary of Mubadala Development Company coughed up a considerable stack of money said to be around the $622m mark.
Mubadala was given 49 million newly-issued shares of AMD worth $12.7 per share. After paying Mubadala about $14.6m in expenses, AMD received $608m.
The chip maker, which has been battered by downward-spiraling financial results for the past few quarters, said it planned to use the net proceeds from the sale of the shares of common stock for what it described as "general corporate purposes".
It added that the non-controlling, minority deal from Mubadala was not subject to review by the Committee on Foreign Investment in the US, and that the investment firm would have no representation on the AMD board.
Speaking about the tie-up, AMD chairman and CEO Hector Ruiz said in a statement: "We proudly welcome Mubadala, a world-class investor, to the AMD shareholder family.
"This investment strengthens AMD's ability to deliver customer-centric innovation and choice to the marketplace, creating greater value for all of our shareholders."
In October, AMD posted a $226m loss in the third quarter, replacing a $121m profit in the same period a year ago. ®