Imagination Technologies declares there’s life after Apple with Canyon Bridge deal

Imagination Technologies has agreed to a takeover by Canyon Bridge Capital Partners in a deal worth in excess of £500m. The agreed price of 182p per share is a 42% premium on Imagination’s closing price on Friday 22 September. The deal comes six months after Apple announced that it would no longer use Imagination’s mobile graphics components, sparking a crisis at the company that saw its share price halve overnight. Imagination has signalled its intent to expand into Asia, where “its technology platform will lead the continued globalization of British-developed innovation.”

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