It’s not every day that one company pays another company to take a business off its hands, but that’s exactly what’s happening with International Business Machines Corp.
IBM on Monday announced that it would pay Santa Clara, Calif.-based Globalfoundries Inc. $1.5 billion in cash to take on its money-losing semiconductor business, including manufacturing plants and intellectual property. As part of the deal, IBM has agreed to make the company its sole provider of two sizes of microchip for 10 years.
