GlobalFoundries Announces Public Secondary Offering and Concurrent Share Repurchase

GlobalFoundries (GF) announced a public secondary offering of 20,000,000 ordinary shares by Mubadala Technology Investment Company, a subsidiary of GF's largest shareholder. GF will not receive proceeds from this offering but intends to concurrently repurchase approximately $300 million of ordinary shares from the underwriters. This repurchase will be funded by cash on hand and is part of a previously approved $500 million share repurchase program. The offering and repurchase are expected to close simultaneously. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the lead book-running managers. GF is a semiconductor manufacturer serving various high-growth markets.