LOS ANGELES (Reuters) - Advanced Micro Devices Inc AMD.N closed a deal to spin off its manufacturing operations on Monday, and said it expects the new company to assume responsibility for paying off about $1.1 billion of debt.
The plants which make AMD’s chips are now part of a $5 billion joint venture with Advanced Technology Investment Co, of Abu Dhabi, temporarily called The Foundry Co.
AMD, a distant runner-up to Intel Corp (INTC.O) in the microprocessor business, won approval from shareholders last month for the spinoff.
AMD shares rose marginally in after-hours trade after sliding nearly 8 percent to $2.01 on Nasdaq in regular trading as the broader market tumbled.
Reporting by Edwin Chan; editing by Richard Chang