Imagination to stay based in UK, owner promises
According to a Reuters report the company will also consult with the UK government over any changes to the composition of its board of directors.
Imagination’s owner, the private equity firm Canyon Bridge Partners, which is backed by Chinese state-owned China Reform holdings, gave the assurance during a conference call with the UK’s Secretary of State for Digital, Culture, Media and Sport Oliver Dowden on Friday, Reuters reported.
The company, once a leading light of the UK’s technology base, has been the centre of a row about whether China Reform Holdings could take control of the company by appointing four directors. There was concern over whether the Chinese state – through China Reform Holdings – was seeking to move Imagination’s headquarters and technology to China. The possibility lost the company its CEO, Ron Black, chief product officer Steve Evans and chief technology officer John Rayfield who resigned over the prospect (see Imagination’s senior executives quit over potential Chinese coup).
When Canyon Bridge bought Imagination in 2017 for $550 million it was subject to US law. Since then it has moved to the Cayman Islands.
On the resignation of Black, Ray Bingham, executive chairman and a co-founder and partner at Canyon Bridge, took over as interim CEO. In the meeting Canyon Bridge committed to the majority of Imagination’s staff continuing to be employed in the UK and continued investment in development in the UK, Reuters said.
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News articles:
UK MP calls for western buyer to thwart Imagination coup
Management threat stalls China’s Imagination coup
Imagination’s senior executives quit over potential Chinese coup
After moves on ARM, China tries Imagination coup
Apple able to use more Imagination IP under renewed deal
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