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December 4, 2012

AMD plans to raise cash by selling Texas campus

The deal will offer the firm with around $150m to $200m in cash

By CBR Staff Writer

US based chipmaker AMD is planning to sell and lease back its Texas campus in a bid to raise cash for funding chipmaking business, as it struggle with sluggish personal computer sales.

With expected completion in the second quarter of 2013, the deal is expected to provide around $150m to $200m in cash.

AMD spokesman Drew Prairie told Reuters that there have been favourable economic conditions in the part of Austin where thecampus is located.

"Contingent on finding an investor who wants to do a multiyear lease-back, it’s a good opportunity for us to unlock the value of the real estate to fund operations," Prairie said.

Earlier, AMD had sold and leased back its Sunnyvale headquarters in California, and a building near Toronto.

The increasing demand for Apple’s iPad and other tablets have weakened the demand for PCs and the global shipments of PCs are expected to decline due to the sluggish economic growth in China as well as flattening European economy and also due to the US economic recovery tepid.

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