Reuters: Technology News: AMD to sell and lease back Austin, Texas, campus to raise cash

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AMD to sell and lease back Austin, Texas, campus to raise cash Mar 12th 2013, 13:33 Tweet Share this Email Print Related News Intel takes big step in chip foundry business Mon, Feb 25 2013 UPDATE 2-Nvidia's posts higher earnings, forecast misses Wed, Feb 13 2013 Texas and California spar over jobs and taxes Wed, Feb 13 2013 Intel plans online TV service as PC chip sales wane Tue, Feb 12 2013 A new AMD Opteron 6000 series processor is seen on a motherboard during a product launch in Taipei April 14, 2010. Credit: Reuters/Pichi Chuang SAN FRANCISCO | Tue Mar 12, 2013 9:33am EDT SAN FRANCISCO (Reuters) - Advanced Micro Devices Inc agreed to sell and lease back its campus in Austin, Texas, to raise $164 million in cash and fund its chipmaking business as it diversifies beyond the struggling PC industry into new markets. AMD said that following the sale of its "Lone Star Campus" to an affiliate of Spear Street Capital, it would enter into a 12-year lease to continue its operations there. The sale of the campus comes as the company and its larger rival, Intel Corp, struggle with slowing personal computer sales. AMD said it expected its first-quarter results to include proceeds of the deal and a special charge of about $50 million for the difference between the sale proceeds and the carry value of the property. With the growing popularity of Apple Inc's iPad and other tablets sapping demand for PCs, AMD, one of Silicon Valley's oldest chipmakers, has laid off engineers while looking for new markets for its products. AMD sold and leased back its headquarters in Sunnyvale, California, in 1998. (Reporting by Noel Randewich; Editing by Lisa Von Ahn) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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