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Imagination looks to IPO or sale

Business news |
By Nick Flaherty


Imagination, best known for the PowerVR range of grahics processing cores used in mobile phones, is working with Lazard Ltd to explore options, the report said referencing unnamed sources.

Imagination was a public company and major supplier to Apple but when Apple announced a move away from using Imagination’s IP the share price collapsed forcing a sell off of the company in 2017. Imagination was bought by China-backed private equity firm Canyon Bridge Capital Partners for about £550 million (US$760m).

 

​​Imagination subsequently renewed its deal with Apple but Imagination’s relationship with China Reform Fund Management, the state-owned fund that backs its private equity owner, came under scrutiny in 2020 when managers resigned over an attempt to appoint directors and a possible attempt to move the company’s headquarters to China.

The UK government sought to extract promises from Canyon Bridge that the company and its technology would not be substantially relocated to China.

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