Reginal Thomas
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IBM Will Pay Globalfoundries $1.5 Billion To Take Its Struggling Chip Unit

IBM Corp. has agreed to pay Globalfoundries $1.5 billion in cash over the next three years in order to take IBM's loss making semiconductor business off its hands. IBM is moving its focus to cloud computing and big data analytics. Daniel Ives, an FBR Capital Markets said, "They need to narrow their focus, get their A-game on, and any distractions from a core business perspective, such as this deal, need to be put in the rear view mirror." He also said, "From and IBM and investor perspective, it takes one troubled area out of the core franchise."