New York, 24 juli 2006 – AMD (NYSE: AMD) heeft ATI (TSX; ATY, NASDAQ: ATYT) overgenomen voor ongeveer US $ 5,4 miljard. AMD’s technologische kennis op het vlak van microprocessoren en de expertise van ATI op het vlak van graphics, chipsets en consumentenelektronica moeten er samen voor zorgen dat de onderneming sterk verder groeit en investeert in innovatie. Daarmee nemen de keuzemogelijkheden voor AMD klanten toe, vooral in het commerciële en notebook marktsegment alsook in de snelgroeiende consumentenelektronicasector. Door technologieën, mensen en complementaire sterke punten van beide bedrijven te combineren, wil AMD bovendien klantgerichte platforms op de markt brengen, voor klanten die willen samenwerken in het ontwikkelen van gedifferentieerde oplossingen.
De overname van ATI door AMD stelt de organisatie in staat om te beantwoorden aan de groeiende vraag binnen de belangrijkste marktsegmenten naar meer geïntegreerde oplossingen. Ondertussen worden ook afzonderlijke producten ontwikkeld waarmee de klanten kunnen kiezen voor een combinatie van technologieën die het best beantwoordt aan hun behoeften. Vanaf 2008 zal AMD proberen verder te gaan dan de huidige technologische configuraties. Het bedrijf is bezig met de ontwikkeling van zogenaamde silicon-platforms, die micro- en grafische processoren integreren en tegemoet komen aan de groeiende vraag naar algemene gebruiksprestaties, media-, data- en grafische performance.
“Het samensmelten van deze twee organisaties maakt het mogelijk te overtreffen wat we tot nu toe afzonderlijk hebben kunnen bereiken”, zegt Hector Ruiz, Voorzitter en CEO van AMD. “We zijn ervan overtuigd dat AMD en ATI de groei en innovatie van de volledige sector op sleeptouw zullen nemen. Bovendien stelt het samengaan van beide bedrijven onze partners in staat om unieke oplossingen te ontwikkelen en geeft het onze klanten de mogelijkheid voor oplossingen te kiezen die het best bij hen passen.”
“Deze samenwerking draagt bij tot een versnelde groei van ATI en geeft meer mogelijkheden voor onze medewerkers”, zegt Dave Orton, president en CEO van ATI. “Het volledige productportfolio van ATI heeft voordeel bij deze overname. Via AMD zijn we nu in staat om agressief te innoveren voor het PC-platform en verder te gaan met belangrijke investeringen in de consumentenmarkt om op die manier onze voorsprong te behouden.”
“Windows Vista biedt ongelooflijke voordelen op het vlak van gebruikerservaring. Dit is het resultaat van de ontwikkelingen op het vlak van grafische integratie en performance”, zegt Jim Allchin, Co-President Microsoft Platforms & Services Division. “We kijken met belangstelling uit naar het potentieel dat AMD en ATI samen kunnen bieden om de Windows Vista gebruikerservaring bij onze klanten nog te verbeteren.”
Hieronder vindt u het originele, Engelstalige persbericht met daarin de financiële details van de overname.
Over AMD AMD (NYSE: AMD) is wereldwijd leverancier van integrated circuits (Flash Memory), onder andere toepasbaar in mobiele telefoons, en leverancier van processoren voor desktop-pc’s, workstations, servers en notebooks. De producten worden gefabriceerd in Europa, de Verenigde Staten, Japan en Azië. AMD, opgericht in 1969, is een Fortune 500- en Standard & Poors 500-bedrijf. Het hoofdkantoor bevindt zich in Sunnyvale, Californië. Voor meer informatie:
www.amd.com.
Over ATI ATI Technologies Inc. is wereldwijd marktleider in het design en de productie van vernieuwende grafische 3D, PC-platform technologieën en digitale silicon media-oplossingen. ATI, sinds 1985 pionier, is leverancier van grafische processoren (GPU). ATI levert oplossingen voor het volledige gamma van PC en Mac desktops en notebooks, workstations, set-top en digitale televisie, game consoles en handheld producten. ATI heeft ongeveer 4.000 werknemer in Amerika, Europa en Azië in dienst. In 2005 had ATI een omzet van US $2,2 miljard. ATI is beursgenoteerd en wordt verhandeld op NASDAQ (ATYT) en Toronto Stock Exchange (ATY).
Voor meer informatie: AMD
Steeve Bourdon
Telefoon: +33 1 49 75 10 53
E-mail: steeve.bourdon(at)amd.com
Whizpr
Winnie Silvertand
Telefoon: 0317 410 483
E-mail: amd(at)whizpr.nl
AMD AND ATI TO CREATE PROCESSING POWERHOUSE
– $5.4 Billion Acquisition Will Drive Growth, Innovation and Choice –
NEW YORK—July 24, 2006—AMD (NYSE: AMD) and ATI (TSX: ATY, NASDAQ: ATYT) today announced plans to join forces in a transaction valued at approximately $5.4 billion. The combination will create a processing powerhouse by bringing AMD’s technology leadership in microprocessors together with ATI’s strengths in graphics, chipsets and consumer electronics. The result: A new and more formidable company, determined to drive growth, innovation and choice for its customers, particularly in the commercial and mobile computing segments and in the rapidly-growing consumer electronics market. Combining technologies, people, and complementary strengths, AMD plans to deliver in 2007 customer-centric platforms for the benefit of customers who want to collaborate in the development of differentiated solutions.
AMD’s acquisition of ATI will position the new company to deliver innovations that fulfill the increasing demand for more integrated solutions in key market segments while also continuing to develop “best-of-breed” discrete products that empower customers to choose the combination of technologies that best serves their needs. In 2008 and beyond, AMD aims to move beyond current technological configurations to transform processing technologies, with silicon-specific platforms that integrate microprocessors and graphics processors to address the growing need for general-purpose, media-centric, data-centric and graphic-centric performance. Thus, the combined company intends to empower its customers to create their own unique products and solutions within an open-innovation ecosystem free from artificial barriers to customer success.
“ATI shares our passion and complements our strengths: technology leadership and customer centric innovation,” said AMD Chairman and CEO Hector Ruiz. “Bringing these two great companies together will allow us to transcend what we have accomplished as individual businesses and reinvent our industry as the technology leader and partner of choice. We believe AMD and ATI will drive growth and innovation for the entire industry, enabling our partners to create differentiated solutions and empowering our customers to choose what is best for them.”
“This combination means accelerated growth for ATI, and broader horizons for our employees,” said Dave Orton, President and CEO of ATI. “All of our product lines will benefit. Joining with AMD will enable us to innovate aggressively on the PC platform, and continue to invest significantly in our consumer business to stay in front of our markets.”
“Windows Vista will deliver incredible advances in the user experience as a result of advancements in graphics integration and performance,” said Jim Allchin, Co-President of Microsoft’s Platforms & Services Division. “We’re excited by the potential of what AMD and ATI can deliver together to enhance the Windows Vista experience for our customers even further.”
Under the terms of the transaction, AMD will acquire all of the outstanding common shares of ATI for a combination of $4.2 billion in cash and 57 million shares of AMD common stock, based on the number of shares of ATI common stock outstanding on July 21, 2006. All outstanding options and RSUs of ATI will be assumed. Based upon the closing price of AMD common stock on July 21, 2006 of $18.26 a share, the consideration for each outstanding share of ATI common stock would be $20.47, comprised of $16.40 of cash and 0.2229 shares of AMD common stock.
AMD anticipates it will finance the cash portion of the transaction with a combination of cash and new debt. AMD has obtained a $2.5 billion term loan commitment from Morgan Stanley Senior Funding, Inc. which, together with combined existing cash, cash equivalents,
and short term investments balances of approximately $3.0 billion, provides full funding for the transaction.
ATI has received an opinion from its financial advisors that the transaction from a financial point of view is fair to its shareholders. The transaction was unanimously approved by the board of directors of each company. The transaction is subject to ATI shareholder approval, Canadian court supervision of a Plan of Arrangement, and other regulatory approvals including merger notification filings in the United States, Canada and other jurisdictions, as well as customary closing conditions. In the event that the transaction does not close, ATI has agreed to pay AMD a termination fee of $162.0 million under circumstances specified in the acquisition agreement. The transaction is expected to be completed in the fourth quarter of 2006.
A Compelling Financial Opportunity AMD expects that the transaction will be slightly accretive to earnings in 2007, and meaningfully accretive in 2008, before the inclusion of ATI acquisition–related charges, based upon AMD’s plans to deliver more integrated and advanced platform solutions and thereby improve its position in commercial clients, mobile computing, gaming, media and emerging markets. AMD anticipates that it will reduce operating expenses by approximately $75 million for the combined company by the end of 2007.
The combined company would have achieved approximately $7.3 billion in total consolidated sales during the last four quarters with a workforce of approximately 15,000 employees. Headquartered in Sunnyvale, California, the company will maintain sales, design and manufacturing centers worldwide and major business centers in Silicon Valley, Austin, Texas and Markham, Ontario - all valued centers of innovation for the combined company. AMD’s current executive team will be complemented by the addition of ATI President and CEO Dave Orton. Orton will serve as an executive vice president of the ATI business division, reporting to the AMD Office of the CEO, comprised of Chairman and CEO Hector Ruiz and President and Chief Operating Officer Dirk Meyer. In addition, under the terms of the acquisition agreement, two ATI directors will join AMD’s board of directors upon closing of the transaction.
The collective roster of AMD and ATI’s strong customer relationships represents a “who’s who” of the computing and consumer electronics industries. Drawing upon a shared culture of customer-centric innovation and engineering excellence, the combined company
will be well positioned to meet customer demand for more innovative solutions, system-level engineering and faster time-to-market.