GlobalFoundries’ Initial Public Offering

Cleary Gottlieb Steen & Hamilton represented GlobalFoundries in the offering, while Latham & Watkins represented the underwriters.

GlobalFoundries® (GF®), a global leader in feature-rich semiconductor manufacturing, announced the pricing of its initial public offering pricing of 55,000,000 ordinary shares, 30,250,000 of which are being offered by GF and 24,750,000 of which are being offered by GF’s existing shareholder, Mubadala Investment Company PJSC, at an initial public offering price of $47.00 per share.

In connection with the offering, Mubadala has granted the underwriters a 30-day option to purchase up to an additional 8,250,000 ordinary shares at the public offering price, less underwriting discounts and commissions.

GF® filed its Form F-1 with the U.S. Securities and Exchange Commission on October 4, 2021, and the offering launched on October 19, 2021. The shares are expected to begin trading on the Nasdaq Global Select Market on October 28, 2021 under the ticker symbol “GFS.” The offering is expected to close on November 1, 2021, subject to customary closing conditions.

Morgan Stanley, BofA Securities, J.P. Morgan, Citigroup and Credit Suisse are acting as active book-running managers for the offering. Deutsche Bank Securities, HSBC and Jefferies are acting as additional book-running managers for the offering. Baird, Cowen, Needham & Company, Raymond James, Wedbush Securities, Drexel Hamilton, Siebert Williams Shank and IMI – Intesa Sanpaolo are acting as co-managers for the offering.

GlobalFoundries Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF delivers feature-rich solutions that enable its customers to develop innovative products for pervasive chips for high-growth markets. GF provides a broad range of feature-rich process technology solutions with a unique mix of design, development and fabrication services.

The Cleary capital markets team included New York- and Abu Dhabi-based partners David Lopez (Picture), Gamal Abouali and Adam Fleisher and associates Patrick Courtien, Tom Kwon, Stav Harel, Olivia Wittels, Ashley Miller and Zeze Ikhinmwin.

Latham & Watkins represented the underwriters in the offering with a corporate deal team led by Bay Area partner Tad Freese and San Diego partner Matt Bush, with Bay Area corporate attorney Karen Eberle and Bay Area associate Raul Gonzalez and San Diego associates Julian Brody and Rachel Staub. Advice was also provided on data privacy matters by Bay Area counsel Robert Blamires and London counsel Danielle van der Merwe, with Bay Area associate Samantha Maerz-Boening and London associate Victoria Wan; on intellectual property matters by Bay Area partners Tony Klein and Rick Frenkel, with Bay Area associates Ryan Sanders and Caroline Omotayo; on tax matters by Los Angeles partner Sam Weiner, with Century City associate Ryan Brenner; on benefits and compensation matters by San Diego partner Holly Bauer, with Los Angeles associate Harrison Taylor; on export controls and sanctions matters by Washington, D.C. partner Eric Volkman, with Washington, D.C. associate Allison Hugi; and on environmental matters by Chicago partner Karl Karg.

Involved fees earner: Gamal Abouali – Cleary Gottlieb Steen & Hamilton; Patrick Courtien – Cleary Gottlieb Steen & Hamilton; Adam Fleisher – Cleary Gottlieb Steen & Hamilton; Stav Harel – Cleary Gottlieb Steen & Hamilton; Zeze Ikhinmwin – Cleary Gottlieb Steen & Hamilton; Yonghwan Kwon – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Ashley Miller – Cleary Gottlieb Steen & Hamilton; Olivia Wittels – Cleary Gottlieb Steen & Hamilton; Holly Bauer – Latham & Watkins; Robert Blamires – Latham & Watkins; Ryan Brenner – Latham & Watkins; Julian Brody – Latham & Watkins; Matthew Bush – Latham & Watkins; Karen Eberle – Latham & Watkins; Tad Freese – Latham & Watkins; Richard Frenkel – Latham & Watkins; Raul Gonzalez – Latham & Watkins; Allison Hugi – Latham & Watkins; Karl Karg – Latham & Watkins; Anthony Klein – Latham & Watkins; Samantha Maerz-Boening – Latham & Watkins; Caroline Omotayo – Latham & Watkins; Ryan Sanders – Latham & Watkins; Rachel Staub – Latham & Watkins; Harrison Taylor – Latham & Watkins; Danielle van der Merwe – Latham & Watkins; Eric Volkman – Latham & Watkins; Victoria Wan – Latham & Watkins; Samuel Weiner – Latham & Watkins;

Law Firms: Cleary Gottlieb Steen & Hamilton; Latham & Watkins;

Clients: Baird Capital Partners; Bank of America Securities; Citigroup Inc.; Cowen and Company; Credit Suisse; Deutsche Bank Securities; Drexel Hamilton; GLOBALFOUNDRIES; HSBC; IMI – Intesa SanPaolo; J.P. Morgan Securities LLC; Jefferies; Morgan Stanley; Needham & Company; Raymond James Ltd. ; Siebert Williams Shank & Co. LLC; Wedbush Securities;