Notification | Closed
Acquisition by GLOBALFOUNDRIES Singapore Pte. Ltd. of Advanced Micro Foundry Pte. Ltd.
13 February 2026
Reference: | 400-140-2026-001 |
Notifying Party: | (a) GLOBALFOUNDRIES Singapore Pte. Ltd. (“GF Singapore”); and (b) Advanced Micro Foundry Pte. Ltd. (“AMF”), |
Legal Representative(s): | Allen & Gledhill LLP |
Notifying Date: | 11 February 2026 |
Summary of Transaction: | (i) the names of the merger parties; (a) GLOBALFOUNDRIES Singapore Pte. Ltd. (“GF Singapore”); and (b) Advanced Micro Foundry Pte. Ltd. (“AMF”), (collectively, the “Parties”). (ii) a description of the transaction; The application is a joint application by GF Singapore and AMF. The application relates to the acquisition by GF Singapore, a wholly-owned subsidiary of GLOBALFOUNDRIES Inc. (“GF Inc.”), of all the issued and paid-up shares in AMF (“Transaction”). (iii) a description of the business activities of the merger parties worldwide and in Singapore; GF Singapore/GF Inc. GF Singapore is a wholly-owned subsidiary of GF Inc., a pure-play semiconductor foundry that offers a full range of wafer fabrication services and technologies. GF Singapore has three wafer fabrication plants in Singapore (prior to the Transaction), and is one of GF Inc.’s four manufacturing sites globally. GF Inc. offers a full range of wafer fabrication services to manufacture integrated circuits (“ICs”) contained in electronic devices across various industries, using the following key technologies: Radio Frequency Silicon-On-Insulator (RF SOI), Feature Rich Complementary Metal-Oxide-Semiconductor (CMOS), Power, Ultra Low Power CMOS and Silicon Photonics. GF Inc. offers essential chip solutions that empowers customers to develop innovative products for a wide range of applications in diverse markets. AMF AMF is a Singapore-based specialty commercial foundry dedicated to silicon photonics, servicing a wide range of markets globally and in Singapore, including data communications, telecommunications, Light Detection and Ranging (LiDAR), high performance computing, and sensors. (iv) a description of the overlapping goods or services, including brand names; GF Singapore and AMF overlap in the supply of foundry services (i.e. the manufacturing of semiconductor wafers according to customers’ design and specifications) in Singapore. More specifically, GF Singapore and AMF overlap in providing foundry services for the manufacturing of semiconductor wafers according to customers’ design and specifications, which are used in pluggable transceivers (herein referred to as the supply of “foundry services for pluggable transceivers”). (v) a description of substitute goods or services from demand-side and supply-side considerations; The Parties submit that substitutes for the Parties’ foundry services for pluggable transceivers are foundry services for pluggable transceivers offered and supplied by other competing foundry service providers. (vi) the applicant’s views on: i. definition of the relevant market(s); The Parties consider that the market definition can be left open as the Transaction will not raise competition concerns under any plausible market definition. However, the Parties have conservatively assessed the competitive impact of the Transaction having regard to, at the narrowest, the global supply of foundry services for pluggable transceivers (the “Relevant Market”). ii. the way in which competition functions in this market; The Parties submit that the market for foundry services for pluggable transceivers is highly competitive. Foundry service providers compete intensely internationally and domestically on various factors including pricing, technical performance and innovation, with a key focus on achieving performance for the next data rate transition. Customers typically engage with multiple foundry service providers before eventually selecting a foundry service provider. Multi-sourcing is common, which facilitates the comparison of alternative foundry services available on the market and helps customers choose the service that fits their intended specification requirements. iii. barriers to entry and countervailing buyer power; and The Parties submit that there are generally no intellectual property rights, or legal or regulatory barriers to entry in Singapore that would be prohibitive or that would make the supply of foundry services in Singapore challenging. Customers are large and commercially significant buyers who are able to exercise significant bargaining power, and are also technically sophisticated. Customers are able to, and do multi-source between different foundry service providers. iv. the competitive effects of the merger (non-coordinated, coordinated and/or vertical and/or conglomerate effects, as relevant). Non-coordinated effects The Parties submit that the Transaction will not give rise to non-coordinated effects in the Relevant Market. The Parties continue to face competition from, and remain constrained by, existing established global players in the market. Further, there are no material barriers to entry and expansion into the Relevant Market, and customers are able to, and do, multi-source between different foundry service providers. Coordinated effects The Parties submit that the Transaction will not give rise to any coordinated effects in the Relevant Market. The presence of numerous global competitors post-Transaction and the ability of customers to multi-source and switch during the initial engagement process creates strong commercial incentives for foundry service providers to continue pricing competitively. Further, there are no material barriers to entry in the supply of foundry services for pluggable transceivers and the high potential for increased competition from new entry creates disruptive effects and reduces the sustainability of coordinated behaviour. Vertical effects The Parties submit that the Transaction will not result in any vertical effects as there are no existing or potential vertical relationships between the Parties. Conglomerate effects The Parties submit that the Transaction would not give rise to any conglomerate effects as there are no complementary products or services of GF Inc. and AMF that customers prefer to purchase together as a bundle from the same supplier. |
Consultation: | Interested parties are invited to submit their views on the Proposed Transaction. When submitting confidential information, interested parties should take note of the procedures outlined in CCS Guidelines on Merger Procedures.
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Supporting Documents | Interested third parties may request in writing to obtain more information on the Proposed Transaction. |