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Chinese firm snaps up Imagination Technologies

(Image credit: Image source: Shutterstock/Kritchanut)

Leading UK technology company Imagination Technologies is being acquired by a Chinese investment firm in a multi-million pound deal.

CBFI Investment Limited (owned by Canyon Bridge) is shelling out £550m to acquire the hardware maker, based in Kings Langley just outside of London, the parties confirmed late on Friday night.

The CBFI Investment Limited (newly incorporated company owned by the Canyon Bridge Fund) and Imagination’s board of directors agreed on a recommended cash acquisition by which the entire Imagination’s issued and to be issued ordinary share capital will be acquired by CBFI.

The price agreed is 182 pence per Imagination share. CBFI won’t make any changes to the continuing employment of employees and management. It was also said it won’t change Imagination’s place of business or redeploy Imagination’s fixed assets.

Imagination Technologies is perhaps best known for its former partnership with Apple, having supplied hardware for many generations of the iPhone - until last year, when Apple said it would begin manufacturing much of its own chips.

Ray Bingham, Partner of Canyon Bridge, says: “Imagination has a world-class management team and highly talented employees. With our backing and investment Imagination can continue to invest in developing its technology, attract and hire the best engineers, and acquire and service customers globally.

“This transaction is in line with Canyon Bridge’s strategy of providing equity and strategic capital to enable technology companies to reach their full growth potential by opening new markets through our collaborative investment approach.

“We are investing in UK talent and expertise in order to accelerate the expansion of Imagination, particularly into Asia, where its technology platform will lead the continued globalisation of British-developed innovation.”

Image source: Shutterstock/Kritchanut