AMD has received a $622 million investment from a subsidiary of Mubadala Development Co., a strategic investment and development company headquartered in Abu Dhabi, United Arab Emirates (UAE).

Mubadala invested and received 49 million newly-issued shares at a price per share of $12.70. AMD received approximately $608 million, after reimbursing Mubadala for approximately $14.6 million in expenses.

AMD will use the proceeds from the sale of the shares of common stock to accelerate its long-term growth strategy by investing in research and development, product innovations and manufacturing.

The investment is a noncontrolling, minority investment. Mubadala will not receive any board representation as part of the deal. This transaction does not present a controlling investment or acquisition subject to review by the Committee on Foreign Investment in the U.S. (CFIUS), says AMD.