GlobalFoundries in $950 Million Secondary Offering and $200 Million Share Repurchase

Cleary Gottlieb represented GlobalFoundries Inc. (GlobalFoundries), as issuer, and Mubadala Technology Investment Company, as selling shareholder, in a $950 million secondary public offering of GlobalFoundries ordinary shares, including a $200 million share repurchase.

The selling shareholder has also granted the underwriters an option to purchase up to an additional $112.5 million of the ordinary shares.

The selling shareholder is a wholly owned subsidiary of Mubadala Investment Company PJSC (which, together with its affiliates, is GlobalFoundries’ largest shareholder). All of the shares are being offered by the selling shareholder, and GlobalFoundries will not receive any proceeds from the offering.

GlobalFoundries has agreed to repurchase $200 million of the selling shareholder’s ordinary shares that are subject to the offering at a price per share equal to the public offering price.

The offering priced on May 22, 2024, and closed on May 28, 2024, subject to customary closing conditions.

Morgan Stanley and BofA Securities are acting as bookrunning managers for the offering.

GlobalFoundries is one of the world’s leading semiconductor manufacturers, delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets.

For more information, please see the press release here.