GlobalFoundries Announces Expiration of the Hart-Scott-Rodino Waiting Period for Transfer of Ownership of East Fishkill, NY Facility to onsemi

Rhea-AI Summary

GlobalFoundries (Nasdaq: GFS) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for onsemi's acquisition of GF's East Fishkill facility. This regulatory milestone confirms that the deal is on track to close by the end of 2022. GF has utilized the three-year transition period to optimize its global assets and invest in differentiated technologies, ensuring the long-term viability of the East Fishkill facility and its workforce.

Positive

• Regulatory approval through the expiration of the HSR waiting period is achieved.
• The acquisition of East Fishkill site is set to close as planned by the end of 2022.
• GF has optimized global assets during the transition period.

Negative

• None.

MALTA, N.Y., April 22, 2022 /PRNewswire/ -- GlobalFoundries Inc. (Nasdaq: GFS) (GF) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), for onsemi's proposed acquisition of GF's East Fishkill, NY site and fabrication facilities announced in 2019.

The expiration of the HSR waiting period satisfies all of the necessary regulatory requirements and the transaction is on track to close at the end of 2022 as planned.

The three-year transition period has enabled GF to further optimize its assets globally as it intensified investments in the differentiated technologies that are fueling the company's growth while securing a long-term future for the East Fishkill facility and its employees.

About GF

GlobalFoundries® (GF®) is one of the world's leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/globalfoundries-announces-expiration-of-the-hart-scott-rodino-waiting-period-for-transfer-of-ownership-of-east-fishkill-ny-facility-to-onsemi-301530791.html

SOURCE GlobalFoundries (GF)

FAQ

What is the significance of the HSR waiting period expiration for GFS?

The expiration signifies regulatory approval for onsemi's acquisition of GF's East Fishkill facility, allowing for the transaction to proceed.

When is the acquisition of the East Fishkill facility by onsemi expected to close?

The acquisition is expected to close by the end of 2022.

How has GF utilized the three-year transition period?

GF has used the transition period to optimize its global assets and invest in technologies that fuel growth.