“There will be consolidation in the industry,” he said. “That trend will continue, and I expect that we’re going to be a consolidator.” Mr. Gelsinger, about six months into the CEO job, said he plans to use mergers and acquisitions to support the company’s revival plan.to buy GlobalFoundries, The Wall Street Journal previously reported. The talks cooled as GlobalFoundries focuses on an initial public offering, people familiar with the matter said.
GlobalFoundries now has confidentially filed for an IPO that could value the company at around $25 billion, a person familiar with the matter said. GlobalFoundries is owned by Mubadala Investment Co., an investment arm of the Abu Dhabi government. Reuters previously reported the IPO filing. The talks with Intel have cooled as the focus around GlobalFoundries turned to an IPO, people familiar with the matter said.
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