Canyon Bridge Set to Acquire Imagination Technologies

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Just last week, the Trump administration blocked a deal that would see a Chinese company take over an American tech firm. The same Chinese company decided to find another venture, and it seems like it has found its match in the United Kingdom. The target this time was Imagination Technologies. Following speculation and rumors that the firm had been bought by the private equity firm that is backed by the Chinese government, shares of the company rose by 40 percent. The Chinese company was blocked from buying the US firm due to issues related to national security. Following the British deal, Imagination Technology shareholders will receive 182 pounds for each share. The company has been acquired by Canyon Bridge. This is a company that operates from its headquarters in Palo Alto, California. The company, on the other hand, is funded by Yitai Capital which is a Chinese government fund. The British company is based in Hertfordshire. At the end of the day, the British company will receive 550 million pounds. Imagination Technologies reached its peak in 2012 when it was valued at two billion pounds. As the stock market opened on Monday, the value of Imagination shares rose to 172 pounds. The price remained below this price the whole day.

Two weeks ago, Trump administration declined the acquisition of Lattice Semiconductor which specializes in the manufacture of chips. The deal was valued at $1.3 billion. For starters, Canyon Bridge is a Chinese firm that was established by the Chinese government. The company has ties to the space program of Beijing. At the moment, the firm is said to manage approximately $1.5 billion for the private equity known as Yitai Capital. The company was has been on sale since June after their biggest consumer Apple said that they would stop acquiring their graphics. The company specializes in the production of graphics processors that are crucial in electronic devices including smartphones. 50 percent of the company’s workforce is located in the United States. Other employees are found in India, China, US and other parts of Europe. The headquarters of the company are located in Kings Langley, London. This is where the main development center, research center and head office are located. At the moment, the business is under the care of dormer Roll-Royce executive Andrew Health. The company said that it had been involved in negotiations with a number of companies. It also mentioned that another bid might be on the way.

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