AMD to buy 10 % of Israel's Saifun

JERUSALEM: U.S. chipmaker Advanced Micro Devices will invest $50 million and take a 10 percent stake in Israel's Saifun Semiconductor, the Israeli financial newspaper Globes reported on its Web site on Tuesday. Privately-held Saifun will be valued at $500 million, compared with $400 million at its $40 million funding round in late 2000, Globes said. The deal was made possible after Saifun agreed to drop litigation against AMD, the report said.

Saifun and AMD officials were not immediately available for comment. According to Globes, Saifun had accused AMD of patent infringement over its MirrorBit flash memory technology. It said Saifun was working on high-density flash technology some years before AMD.

©Reuters