IBM has reportedly inked a deal to take Globalfoundries Inc.'s loss-making chip-manufacturing unit off its hands for $1.5 billion.
That's according to a report by Bloomberg, which cites two people familiar with the matter. The decade-long partnership will see Globalfoundries supply IBM with Power processors, with IBM sending its intellectual property in the other direction, according to the sources.
The move would guarantee a supply of chips that IBM could use for its mainframe computers and other systems, in addition to its Watson data analytics technology. IBM will split the $1.5 billion cost over three years, the sources said.
IBM released a statement on October 19 saying that it planned to make a "major business announcement" on October 20, when the two companies are expected to release a joint statement.
Big Blue completed the sale of its low-end x86 server business to Lenovo for $2.1 billion earlier this month. Up to 7,000 of its workers are to be transferred to the Beijing, China-based company.
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