ATI Technologies Inc. said today that it has realized cash proceeds of (US) $65 million through the sale of shares held in Broadcom Corp., Irvine, Calif.
ATI received approximately 494,000 shares of Broadcom common stock on December 15, 2000, when that firm purchased SiByte, Inc., the Santa Clara, Calif.-based integrated processor solutions developer. ATI sold the Broadcom shares for cash proceeds of (US) $65 million, realizing a total gain of approximately (US) $54 million.
Under the terms of the Broadcom purchase of SiByte, ATI may receive further share consideration, contingent upon SiByte achieving future performance targets.
ATI said the funds received from the sale will be used to fund future operating activities.