Mubadala Buys Stake In AMD

Abu Dhabi-based Mubadala Development Company invested $622 million in chipmaker AMD. The investment company now holds an 8.1 percent stake in the world's 2nd largest computer processor manufacturer. AMD said it will use the proceeds of the sale of 49 million shares to its long-term growth strategy by investing in research and development, product innovations and manufacturing excellence. "This investment strengthens AMD’s ability to deliver customer-centric innovation and choice to the marketplace, creating greater value for all of our shareholders," AMD Chairman and CEO Hector Ruiz said in a statement. "AMD is a great fit for Mubadala's investment approach — a spirited competitor and innovator led by a strong and visionary management team," Mubadala CEO and Managing Director Khaldoon Khalifa Al Mubarak said in a statement. "We see significant opportunities for long-term growth and value creation."