GlobalFoundries Says IBM Demanding $2.5 Billion as IPO Nears
- Date: 08-Jun-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:UAE
GlobalFoundries Says IBM Demanding $2.5 Billion as IPO Nears
(Bloomberg) -- GlobalFoundries Inc. asked a judge to rule that it doesn't owe $2.5 billion to International Business Machines Corp. over a 2014 deal in which the semi-conductor maker agreed to take an unprofitable chip-manufacturing unit off IBM's hands.
In a complaint filed Monday in New York Supreme Court, GlobalFoundries is seeking a declaratory judgment that it didn't breach the agreement and said IBM is threatening to sue. The suit comes as GlobalFoundries works with banks on an initial public offering that could value the chipmaker at about $30 billion.
“This action arises out of what seems to be a misguided and ill-conceived effort by IBM's law department to try to extract an outlandish payment,” GlobalFoundries said its complaint.
Select Sector 
Select Country 
