IBM to pay Globalfoundries $1.5 billion to offload its chip business

Earlier, IBM put out a press release that it will be making a big announcement tomorrow morning before its quarterly earnings call, and it looks like the announcement is that it’s unloading an unprofitable chip unit. According Bloomberg, IBM will announce tomorrow that it’s paying Globalfoundries $1.5 billion over three years to take its chip business off its hands. IBM will also receive $200 million in assets, for a net transaction of $1.3 billion, the report says.