IBM has agreed to pay $1.5bn as part of a deal to shed its loss-making chip manufacturing arm and avoid the billions of dollars in capital spending it was facing to upgrade its manufacturing technology.
The deal with GlobalFoundries, which is owned by an Abu Dhabi sovereign wealth fund, is poised to be announced in the US early on Monday, according to a person familiar with the agreement.
IBM has been searching for someone to take on its chip manufacturing arm for much of the year but has been hampered by the small number of players left in the consolidating business, giving it little bargaining power.
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