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[Bangalore] IBM Corp has agreed to hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc, the Wall Street Journal reported, citing people familiar with the matter.
IBM will pay Globalfoundries US$1.5 billion to take the chip operations off its hands, WSJ said.
IBM issued an advisory on Sunday saying it would make a"major business announcement" on Monday.
Talks between IBM and Globalfoundries has been going on for a while.
IBM is also scheduled to report its third-quarter earnings on Monday.
Representatives at IBM and Globalfoundries were not immediately available for comment outside regular U.S. business hours. REUTERS