IBM to pay Globalfoundries $1.5 billion to take chip unit off its hands: WSJ

(Reuters) - IBM Corp has agreed to hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc, the Wall Street Journal reported, citing people familiar with the matter. IBM will pay Globalfoundries $1.5 billion to take the chip operations off its hands, WSJ said. IBM issued an advisory on Sunday saying it would make a "major business announcement" on Monday. Talks between IBM and Globalfoundries has been going on for a while. IBM is also scheduled to report its third-quarter earnings on Monday. ...



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