Advanced Micro Devices announced Friday that it has completed the sale of most of its communication products division for about $US375 million in cash.
The California-based chip maker announced in May that it had agreed to sell 90 per cent of the 160-person division to San Francisco-based investment firm Francisco Partners LP. The new entity will do business under the name of Legerity.
AMD retained a 10 per cent stake in the business, with an option to acquire approximately an additional 10 per cent, the company said in a statement4.
The chip maker said it sold the division because it wants to focus more on PC microprocessors, memory chips and related products. AMD at one time had planned to sell its networking products division too, but decided against it in March of this year.