Abu Dhabi’s Mubadala sells stake in AMD for $613 mln: report

Abu Dhabi-based Mubadala Development Co has sold nearly one-third of its stake in Advanced Micro Devices (AMD), a Reuters report said.

Mubadala sold 45 million shares in AMD for around $613 million, and held back 97 million shares in the microchip maker.

The Abu Dhabi investment fund had paid $608 million in November 2007 to buy the AMD shares, Reuters said, citing company's statement at the time.

"In line with our strategy as a long-term investor, from time to time we will monetize assets that have significantly increased in value," Mubadala spokesman Brian Lott was quoted as saying.

The Abu Dhabi government had last year ordered the merger of Mubadala and another state investment fund, International Petroleum Investment Co. (IPIC).

The merger, which was completed in January, created a firm with assets totaling about $125 billion.