08:31 AM EST, 01/02/2025 (MT Newswires) -- GlobalFoundries ( GFS ) and International Business Machines ( IBM ) said Thursday they have reached a settlement agreement in their current lawsuits, resolving all litigation matters, inclusive of violation of contract, trade secrets, and intellectual property claims.

Details of the settlement were not disclosed due to confidentiality reasons.

The settlement ends an ongoing legal battle between the two companies and will support their exploration of new opportunities for partnership in "areas of mutual interest", the parties said.

GFS shares were edging 0.8% higher and IBM ( IBM ) shares were up 1.1% in recent premarket activity.