AMD and ATI to Create Processing Powerhouse

- $5.4 Billion Acquisition Will Drive Growth, Innovation and Choice -

- AMD and ATI to Hold Joint Executive Conference Call Today at 8:00 a.m. EDT -

NEW YORK -- July 24, 2006 --AMD (NYSE: AMD) and ATI (TSX: ATY, NASDAQ: ATYT) today announced plans to join forces in a transaction valued at approximately $5.4 billion. The combination will create a processing powerhouse by bringing AMD’s technology leadership in microprocessors together with ATI’s strengths in graphics, chipsets and consumer electronics. The result: A new and more formidable company, determined to drive growth, innovation and choice for its customers, particularly in the commercial and mobile computing segments and in the rapidly-growing consumer electronics market. Combining technologies, people, and complementary strengths, AMD plans to deliver in 2007 customer-centric platforms for the benefit of customers who want to collaborate in the development of differentiated solutions.

AMD’s acquisition of ATI will position the new company to deliver innovations that fulfill the increasing demand for more integrated solutions in key market segments while also continuing to develop “best-of-breed” discrete products that empower customers to choose the combination of technologies that best serves their needs. In 2008 and beyond, AMD aims to move beyond current technological configurations to transform processing technologies, with silicon-specific platforms that integrate microprocessors and graphics processors to address the growing need for general-purpose, media-centric, data-centric and graphic-centric performance. Thus, the combined company intends to empower its customers to create their own unique products and solutions within an open-innovation ecosystem free from artificial barriers to customer success.

“ATI shares our passion and complements our strengths: technology leadership and customer centric innovation,” said AMD Chairman and CEO Hector Ruiz. “Bringing these two great companies together will allow us to transcend what we have accomplished as individual businesses and reinvent our industry as the technology leader and partner of choice. We believe AMD and ATI will drive growth and innovation for the entire industry, enabling our partners to create differentiated solutions and empowering our customers to choose what is best for them.”

“This combination means accelerated growth for ATI, and broader horizons for our employees,” said Dave Orton, President and CEO of ATI. “All of our product lines will benefit. Joining with AMD will enable us to innovate aggressively on the PC platform, and continue to invest significantly in our consumer business to stay in front of our markets.”

“Windows Vista will deliver incredible advances in the user experience as a result of advancements in graphics integration and performance,” said Jim Allchin, Co-President of Microsoft’s Platforms & Services Division. “We’re excited by the potential of what AMD and ATI can deliver together to enhance the Windows Vista experience for our customers even further.”

Under the terms of the transaction, AMD will acquire all of the outstanding common shares of ATI for a combination of $4.2 billion in cash and 57 million shares of AMD common stock, based on the number of shares of ATI common stock outstanding on July 21, 2006. All outstanding options and RSUs of ATI will be assumed. Based upon the closing price of AMD common stock on July 21, 2006 of $18.26 a share, the consideration for each outstanding share of ATI common stock would be $20.47, comprised of $16.40 of cash and 0.2229 shares of AMD common stock.

AMD anticipates it will finance the cash portion of the transaction with a combination of cash and new debt. AMD has obtained a $2.5 billion term loan commitment from Morgan Stanley Senior Funding, Inc. which, together with combined existing cash, cash equivalents, and short term investments balances of approximately $3.0 billion, provides full funding for the transaction.

ATI has received an opinion from its financial advisors that the transaction from a financial point of view is fair to its shareholders. The transaction was unanimously approved by the board of directors of each company. The transaction is subject to ATI shareholder approval, Canadian court supervision of a Plan of Arrangement, and other regulatory approvals including merger notification filings in the United States, Canada and other jurisdictions, as well as customary closing conditions. In the event that the transaction does not close, ATI has agreed to pay AMD a termination fee of $162.0 million under circumstances specified in the acquisition agreement. The transaction is expected to be completed in the fourth quarter of 2006.

原文连接：http://www.amd.com/us-en/Corporate/VirtualPressRoom/0,,51_104_543~110899,00.html

只能看懂一点点，求完整翻译

三姓家奴论退散，这和XO没任何关系，只是业内的正常并购案，不过感觉AMD这买卖做得不明智啊~

RestlessDream在上个帖子中说

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他同时指出，AMD也要充分考虑对另一重要合作伙伴NVIDIA的平衡，避免将其直接推向英特尔。

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　　这便不可能啊，当初NV收购ULi的时候所考虑的就是担心日后ATi利用ULi的芯片技术对自己的芯片组造成威胁。这样下去最大的受益者反倒是Intel，也不用成天说Intel用扣肉搞死AMD之类的了，我看更有可能最后是AMD因缺少第三方芯片组支持而最终自己搞死自己。

Zico2003在上个帖子中说

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专业服务器市场AMD因为没有自己的芯片组而造成的不稳定使得AMD损失了大把大把的美刀

并购ATI使AMD得到了整套的芯片组开发团队, 从芯片提供商转为平台提供商可以提升好几个档次啊

以上, 个人看法

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　　ATi自己设计的芯片组，除还没面市的RD600外，性能都中规中矩，低端销量高是因为整合主板性价比高。ATi在没有ULi南桥时，自己开发的几款南桥性能被不少人诟病，所以AMD得到这样的芯片组开发团队也不见得会提高什么档次。而且AMD那点产能做CPU都捉襟见肘，短期内涉足自己的芯片组业务怎么想也不可能。

　　除非AMD真如自己所说，打算在不久的将来推出整合南北桥、显示核心的处理器，那样ATi的技术还有整合的余地。总之就我个人而言，是想不通的买卖。

　　btw，相对于NV，Intel缺乏对应高阶玩家的高性能芯片组（不可否认，NF系列主板就是NB），也缺少高性能的板载显卡。

超越梦想在上个帖子中说

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ATI真是可怜啊,显卡市场被NV打压利润太低,落得被收购的地步

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　　没这么一说吧，论显卡市场份额来说ATi目前依然领先。就算高端卖的不如NV的SLi，但中低端产品线依然做的不差，甚至有的细分市场还比NV卖得更出色，也不至于利润低到等着被人收购的地步。

Zico2003在上个帖子中说

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NVIDIA芯片组这边, K7 时代的nForce 1以及 K8 初期的nForce 150也都是失败之作, 正因如此, 才有后来nForce2, nForce 4的辉煌

ATI自己的南桥设计以前的确不行, 不过在SB600后也真正的成熟了, 北桥的话,R580时代就已经很不错了, 合并后加上AMD第一手资料, 相信不会差的

IT产品以稳定为主, 再说INTEL自家的P975X已经很不错了, 单卡和N590 SLI IE在博仲之间, 倒是ATI R600的性能最好

关于板载显卡, 你错了, 稳定还是第一位的, 性能并不重要, 政府机关里大批的OFFICE用电脑需要多高的图形处理能力?! 因为没多少人是准备用它来耍游戏的, 而且从图形芯片INTEL占有率最高也可以证明我的说法, 大众需要的是一个稳定的平台

以上, 还是个人看法

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　　ATi从RD200开始，到现在的RD580，经历的版本和教训可比NV多的太多，交的学费也更多。在RD600的成品没真正面市之前，ATi的芯片组是不会翻身的。至于RD600到底会如何也只能等到真正的万成品投放市场接受大众检验才能下结论，之前都是浮云。

　　南桥当年有ULi的时候ATi也没说收购ULi加强自己的研发能力，就算现在与AMD合并了，开放资源也不会说马上就超越NF5。毕竟ATi主板这块的研发实力就摆在这里，短期内不可能有什么大的逆转。

　　稳定？现在哪个板载显卡不稳定，难道还会过热烧掉吗 -。-

　　板载的优势不就是在整合环境下实现最大性价比吗，这方面ATi和NV做得都要比Intel那块老爷板载强太多太多。

Zico2003在上个帖子中说

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嗯, 等实物再说吧, AMD+ATI捏出来的芯片组目前还不清楚

看来你是性能至上的

你知道为什么性能不如NFORCE6100的G915/945会占到40+%的市场占有率?

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　　全球显卡占有率第一位的就是Intel，整合业务Intel这么多年也不是白做的，单OEM这块基数就相当大。这么比对NV和ATi而言显然是不公平的。

　　ATi OEM的确比NV出色，XO和Wii也都有参与，但论榨取利润还是不如NV老道的。

超越梦想在上个帖子中说

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自从GEFORCE6以后ATI一直都被NV牵着鼻子走,不然也不会搞到被收购,尤其GEFORCE7那便宜到爆的成本ATI根本拼不过,被收购总不是好事,另外独立显卡分额也就移动部分高点吧?在桌面领域无论高中低端NV都是领先的吧,具体数据等人补完. 如果AMD把ATI图形芯片部门的人都裁了,把专心搞主板的留下的话那ATI基本就算完蛋了,NV要一家独大了.

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高中低可以去找第一季度的显卡占有率调查，Goo以下就有。

至于“自GF6以来ATi被NV牵着鼻子走”这话从何而说呢 - -a

AMD收购ATi后为什么要裁掉图形芯片部门？这手持设备、媒体处理、视频游戏、专业解决方案领域ATi都干得很出色。

　　成本上，ATi的中端不占优势，高端上两家则差不多，低端则完全是看谁铺货量更大，从9550开始低端ATi就一直没有丧失优势。中段方面ATi吃亏是由来已久的，从让9800力拼中端，甚至是更早的9500改9700开始ATi的中端利润就拼不过NV。而对于显卡来说，利润往往是来自这些中端，所以ATi利润一直不如NV也不是没有原因。要不ATi怎么积极开发R570，而不是继续采用旗舰降级的方法来改变这种局面呢？

　　ATi的OEM走货其实非常大的（主要还是显卡），NV也只是从这几年开始才注意同OEM商搞好关系。这点在国外尤为明显，我现在用的显卡还是DELL工包的原厂9800XT呢。

　　至于板载显卡，小BUG在性价比面前算什么呢，当然现在两家在DT板载显卡方面还无法同Intel一较高下的。

超越梦想在上个帖子中说

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总之现在ATI的历史结束了,今后显卡会有NV独大了.INTEL也不会用ATI的芯片了,有谁看到INTEL用AMD的东西?

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这便不可能，别做梦了。

u571在上个帖子中说

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ＮＶ做稳独立显卡性能ＮＯ.１可不是做梦，ＡＭＤ现在资金这么紧张不可能在高段ＧＰＵ研发上投入很大，下一代ＸＢ的ＧＰＵ很可能重回ＮＶ的怀抱

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　　AMD就算收购了ATi，也不代表未来GPU的开发是由AMD来做，何来“不可能在高端GPU研发上投入很大”一说？AMD现金不足不代表ATi没钱，况且这条消息对NV的主板芯片组业务的影响要大于显示芯片。这可不是恶意并购，ATi从此退出历史舞台，在将来不短的时间内ATi的显卡还是会继续存在的。

　　XB720将来用谁的GPU不是现在所能讨论的问题。