Apple's former GPU maker Imagination agrees to £550 million sale


The acquisition does not include Imagination's U.S. division, MIPS, which is being bought for $65 million dollars by Tallwood Venture Capital, a Silicon Valley investment group. The deal has valued the company at about £550 million pounds, or $742.5 million dollars. Trump's September 14 veto followed a negative report from CFIUS on Canyon Bridge's attempt to pay $1.3 billion for Lattice Semiconductor, a chip maker based in Hillsboro, Oregon. Under the terms of the deal, each scheme shareholder will get 182 pence in cash for each Imagination Share; the price represents a premium of nearly 42 percent from 22 September, the last day before the transaction was announced, and one of over 47 percent from 21 June, before the company started its formal sale process.

In a statement created to fend off United Kingdom regulatory attention Canyon Bridge says it has 'no plans to make any changes to the continuing employment of employees and management, nor does intend to change the principal locations of Imagination's places of business, or redeploy any fixed assets of Imagination'.

Imagination bought MIPS for US$60mln in late 2012.

Imagination was dubious, to put it mildly, that Apple could design its own graphics chips to the required specification without infringing Imagination's patents, and asked, unsuccessfully, for further information about Apple's designs.

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Imagination, whose graphics power Apple's iPhone, licenses graphics and video-processing technology to semiconductor companies. Imagination's sale to Canyon Bridge is contingent upon the sale of MIPS to Tallwood. It was widely used for scaled-down processors in cars and home networking gear, and turned up in higher-end devices like Sony Corp.'s PlayStation, but its importance has faded. Established in 2016 with initial funding of 1.5 billion, the firm's financial backing can be traced back to China Reform Holdings Company, which one of its subsidiary funds describes as "a stated-owned assets management corporation under direct supervision from central government".

Canyon Bridge, which ultimately is funded by the Chinese government, has been the most likely buyer for some time.

Imagination's potential new owners have no plans to make any changes to its staffing, according to the statement, and will maintain the United Kingdom headquarters.