Investors in Chartered Semiconductor have overwhelmingly approved a takeover bid from Globalfoundries’ principal investor, the Abu Dhabi-based Advanced Technologies Investment Company (ATIC).

Approximately 83% of the 665 shareholders who attended the extraordinary general assembly voted in favor of the takeover, representing some 99% of the company’s total shares. An 83% favorable vote far outstrips the 75% required to approve such an action.

Chartered Semiconductor was created out of Singapore Technologies Engineering in 1987 and began public trading in 1999. The firm specializes in custom ICs such as those found in the heart of the Xbox 360, and it is the third largest outfit of its type.

The company is majority owned by Temasek, the investment arm of the Singaporean government, and is one of many such Temasek-linked companies (TLCs) that account for more than 60 percent of the nation’s GDP. Because of the central role of TLCs in the Singaporean economy, the loss-making Chartered has been on block for some time.

The bid to bring Chartered into the Globalfoundries family was announced on September 7; the marriage should give Glofo access to six SoC-oriented foundries serving about 11% of the custom chip market.