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Latham Advises on GlobalFoundries’ US$950 Million Secondary Offering of Ordinary Shares, Including Concurrent US$200 Million Share Repurchase

May 28, 2024
Interdisciplinary team represents the underwriters in the offering by one of the world’s leading semiconductor manufacturers.

On May 28, 2024, GlobalFoundries Inc. (Nasdaq: GFS), one of the world’s leading semiconductor manufacturers, closed a secondary public offering of US$950 million of its ordinary shares at a price to the public of US$50.75 per share, including a US$200 million share repurchase. All of the shares in the offering are being offered by Mubadala Technology Investment Company (the Selling Shareholder). The Selling Shareholder is a wholly owned subsidiary of Mubadala Investment Company PJSC (together with its affiliates is GlobalFoundries’ largest shareholder). The Selling Shareholder has also granted the underwriters a 30-day option to purchase up to an additional US$112.5 million of GlobalFoundries’ ordinary shares at the public offering price minus underwriting discounts and commissions.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by Bay Area partner Tad Freese, with associates Raul Gonzalez and Rachel Staub. Advice was also provided on data privacy/cybersecurity matters by Bay Area partner Robert Blamires and London counsel Danielle van der Merwe, with associates Kiara Vaughn, Victoria Wan, Jane Bentham, and Kathryn Parsons-Reponte; on trade controls matters by Washington, D.C. partner Eric Volkman, with associate Julie Choi Shin; on environmental matters by Washington, D.C./Chicago partner Karl Karg, with associate Malorie Medellin; and on tax matters by Los Angeles partner Eric Cho, with associate Ryan Brenner.