Last week, Intel was supposedly in talks to acquire GlobalFoundries for $30B. The deal would have supported Intel’s attempts to expand its foundry and chip manufacturing business.
The deal has a big asterisk, though— Intel’s talks didn’t actually involve GloFo. Why? Mubadala Investment Co. (a UAE sovereign wealth fund) owns the company. They tend to work through connections, which meant a third-party would have likely mediated the deal with Intel and GloFo if it had happened.
Unfortunately for Intel, it sounds like GloFo is bent on their IPO plans.
GlobalFoundries CEO Tom Caulfield said the Intel news was speculative. He also said it was unlikely Mubadala would sell GlobalFoundries, commenting “I think they are holding onto GF … they think this asset has become a star in their portfolio.”
$GLOBAL.P plans to list in the next 12 months. $INTC added 1.45% today.