The tech sector once again has shown strength in the domestic M&A middle-market sector, led by the Mubadala Development Co.'s $622 million investment in chipmaker Advanced Micro Devices Inc. on Nov. 16. The AMD deal was one of the eight midmarket deals that cracked last week's top 10 domestic deals, according to Dealogic.
While the Mubadala investment will not result in a change of control at AMD, the Abu Dhabi, United Arab Emirates-based sovereign wealth fund will receive an 8.1% stake in the cash-hungry chipmaker, which has struggled with rising
costs, particularly in manufacturing and research and development, as it tries
to keep up with Intel Corp. The deal does not give Mubadala board representation, but if AMD hits the skids, then the investment firm might want to have more say.
Here's a list of the other notable midmarket deals that registered in the domestic deals of the week:
- Raycom Media Inc. acquired three television stations from Lincoln Financial Group for $583 million in cash on Nov. 16. The stations were located in Charlotte, N.C., Richmond, Va., and Charleston, S.C.
- Pods Acquisition Holding acquired Pods Inc. for $433 million on Nov. 14.
- Technology services giant Electronic Data Systems Corp. purchased Saber Holdings Inc. for $420 million on Nov. 13.
—
Gerald Magpily
See Dow Jone article via CNNMoney
See RadioInk article
See TheDeal.com article
See Deals of the week: Nov. 19, 2007
See TheDeal.com's midmarket subchannel
