GlobalFoundries shoots down Intel buyout rumor, will move ahead with IPO

Recap: Intel might not be buying GlobalFoundries after all. Word around the water cooler last week suggested Intel was in talks to buy semiconductor manufacturer GlobalFoundries for roughly $30 billion. But, in talks with who, specifically? The rumor also came with an interesting asterisk – that GlobalFoundries executives didn’t appear to be involved.

In a follow up from Bloomberg, that last nugget has seemingly been confirmed. GlobalFoundries CEO Tom Caulfield told the publication that there was “nothing there in that discussion.” Instead, the chipmaker is moving forward with plans for an initial public offering, with Caulfield adding that “you can expect a lot of speculation to take place.”

GlobalFoundries is ranked as the fourth largest semiconductor manufacturer in the world in terms of revenue generated, behind TSMC, Samsung and UMC, in that order. The company once tried to compete on the leading edge but lost a significant amount of money and elected to do business on older nodes. That’s proven to be a wise move, especially in the wake of the pandemic and chip shortage.

Of course, just because Intel hasn’t approached GlobalFoundries owner Mubadala Investment Company about the acquisition doesn’t mean they won’t put an offer on the table, and it doesn’t mean Mubadala wouldn’t entertain it or even take it. At the end of the day, money talks, and if there’s enough of it, most will walk off with it.

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