Sep 22, 2017
Imagination Technologies agrees £550m sale to Canyon Bridge
Imagination Technologies has agreed a sale to China-backed private equity firm Canyon Bridge in a deal valuing the troubled British chipmaker at about £550m. Canyon Bridge, which is headquartered in Palo Alto, California and is backed by state-owned Chinese fund Yitai Capital, a week and a half ago saw its $1.3bn attempt to acquire American chipmaker Lattice Semiconductor blocked by President Donald Trump over national security concerns. Canyon Bridge's acquisition of Imagination excludes its US unit, MIPS, which is being bought by Tallwood Venture Capital, a Silicon Valley investment group, for $65m. Essential stories related to this article. In an attempt to head off potential scrutiny from the UK government, Canyon Bridge pledged to continue to invest in Imagination's UK research and development capabilities and said it had "No plans" to cut staff or move the business to another country. Ray Bingham, partner at Canyon Bridge, said that with its backing, Imagination would "Continue to invest in developing its technology, attract and hire the best engineers, and acquire and service customers globally". "The Imagination Directors believe that the proposed acquisition provides Imagination Shareholders with a very good outcome and provides execution certainty at a time when the future of the business has been negatively impacted by the actions of Apple," the company said.
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