LONDON: IBM Corp has decided to sell its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc.
IBM will give Globalfoundries $1.5 billion to take the chip operations off its hands. IBM has issued an advisory in this regard, saying it would make a “major business announcement” next week.
It is pertinent to mention here that talks between IBM and Globalfoundries had been going on for a while in this regard.
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