09:36 AM EDT, 07/10/2024 (MT Newswires) -- (Updates with details in the second paragraph.)

Advanced Micro Devices (AMD) said Wednesday it has agreed to acquire Silo AI in an all-cash deal valued at about $665 million.

Silo AI is a private artificial intelligence lab in Europe, and AMD said the acquisition is part of its strategy to deliver end-to-end AI solutions.

The deal will likely close in H2, AMD said, adding that Silo AI co-founder and CEO Peter Sarlin will continue to lead the Silo AI team under the AMD Artificial Intelligence Group.

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