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AMD completes ATI acquisition, opens as 'powerhouse'

Posted: 27 Oct 2006 ?? ?Print Version ?Bookmark and Share

Keywords:AMD? ATI? processors? powerhouse?

AMD announced the completion of its approximately $5.4 billion acquisition of ATI Technologies Inc., opening for business as a 'processing powerhouse' driving innovation, choice and growth in the technology industry. The court of Ontario approved the acquisition in the third week of October.

Under the terms of the transaction, AMD acquired all of the outstanding common shares of ATI for a combination of nearly $4.3 billion in cash and 58 million shares of AMD common stock, based on the number of shares of ATI common stock outstanding Oct. 24. All outstanding options and restricted stock units of ATI were assumed.

"On day one, we are delivering a winning set of complementary technologies, igniting a new level of innovation and continuing to champion choice for the industry," said AMD chairman and CEO Hector Ruiz. "Thanks to the strength of our talented employees, the new AMD now has a full range of intellectual property (IP) in microprocessors, graphics, chipsets and consumer electronics to deliver open platforms and integrated solutions. In the near term, customers gain a new level of choice, and in the long term, we believe the possibilities for innovation are truly limitless."

According to AMD's announcement, customers will benefit from both companies' combined platform development and technical support teams, to be co-located in Taipei and Shanghai. Combined with the existing Austin and Toronto locations, these sites offer R&D and support to give customers a complete solution for optimized platform development.

"By driving innovation and integration in processing, especially in graphics, the new AMD has the potential to empower breakthrough computing experiences for users of Windows Vista," said Jim Allchin, co-president of Microsoft's platforms and services division. "We are excited by the potential benefits that this union can bring to enhance the Windows Vista experience."

By 2007, AMD plans to deliver a range of integrated platforms to serve key markets of commercial clients, mobile computing, and gaming and media computing. The company also seeks to deliver processing solutions to the growing consumer electronics and high-end discrete graphics markets by leveraging ATI's capabilities.

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