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No obstacle to selling chip firm
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IMAGINATION Technologies, the UK chip designer selling itself to a China-backed buyout fund, said yesterday that another potential buyer had ruled itself out, removing a potential hurdle to the 550-million-pound (US$737 million) deal.
The sale to Canyon Bridge Capital Partners, announced on Friday, is contingent on Imagination offloading its MIPS processor technology in a separate US$65 million deal to Tallwood Venture Capital.
Imagination said the MIPS sale could now go ahead without a shareholder vote after the unnamed third-party was no longer involved in the wider sale process.
Imagination put itself up for sale after Apple, its biggest customer, said it was developing its own graphics and video processing technology.
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