UK chip maker Imagination bought for £550m by China-backed tech firm

Shares in Imagination Technologies climb 40% after sale to private equity firm Canyon Bridge

Shares in Imagination Technologies have jumped more than 40% after the UK chipmaker announced a takeover by a China-backed private equity firm that was blocked by Donald Trump from buying a US rival over national security concerns.

Imagination has agreed to a 182p-a-share takeover by Canyon Bridge, which is based in Palo Alto in California and backed by state-owned Chinese fund Yitai Capital. The deal values the Hertfordshire-based company at £550m; at its peak in 2012, Imagination had a stock market value of nearly £2bn.

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Chinese group blocked by Trump announces UK chip-maker buyout

Canyon Bridge to make £550m all-cash offer for Imagination, whose graphics chips have been used in Apple’s iPhone

A Chinese group that was stopped by Donald Trump from buying a US chip-maker last week has announced a £550m takeover of British chip designer Imagination Technologies.

Canyon Bridge Capital Partners’ all-cash offer for Imagination showed the buyout fund remained focused on investing in western chip-makers after its $1.3bn (£960m) deal to buy Lattice Semiconductor was blocked over US national security concerns.

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Hinkley Point C: watchdog confirms fears of political vanity project | Nils Pratley

NAO report condemns ‘risky and expensive’ nuclear project that went ahead despite the economic case crumbling

The National Audit Office does not use excitable phrases like “utter shambles.” But the spending watchdog’s verdict on Hinkley Point C, the nuclear power plant in Somerset that is supposedly inevitable, amounts to the same thing. The government “has locked consumers into a risky and expensive project with uncertain strategic and economic benefits”.

The 80-page report confirms one’s worst fears about how ministers fell in love with Hinkley. First, they wedded themselves to an inflexible financial model. Then they agreed commercial terms with developer EDF in 2013, when energy prices were sky-high, and ploughed on regardless when the economic case for Hinkley started to crumble.

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Imagination puts itself up for sale amid Apple dispute

Shares in Hertfordshire chip designer surge 20% after it announces start of formal sale process

Shares in British chip designer Imagination Technologies rallied 20% after the company, which is in dispute with Apple, put itself up for sale.

The Hertfordshire firm, which designs the graphics processors used in smartphones and other electronic devices, suffered a major blow this year when Apple, its largest customer, pulled the plug on its chip supply deal, with effect from 2019. Apple accounts for half Imagination’s revenues, and its shares slumped 70% on the day of the news.

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Apple supplier Imagination Technologies jumps after restructuring

Chip designer says results expected to benefit from stronger dollar

Chip designer and Apple supplier Imagination Technologies is in demand after better than expected results and news that its restructuring is on track.

The company said royalty revenues rose 6% and licensing revenues 7% in the first half, with earnings before interest and tax up 65% to £12.2m.

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Imagination Technologies falls after Apple results

But analysts at Liberum remain positive on the chip designer’s prospects

With Apple reporting its first fall in sales in 15 years, one of its suppliers has seen its shares come under pressure.

Chip designer Imagination Technologies, which gets around half its revenues from the iPhone maker, is down nearly 2% at 235.75p after the overnight news from the US. Apple’s revenues declined by 8% to $215.6bn (£177bn) while profits fell 14% to $45.7bn.

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FTSE boosted by ARM takeover as analysts look for further deals

UK firms look good value after fall in sterling, according to the City

Despite continuing global concerns – the fallout from Brexit, the attempted coup in Turkey – the proposed £24bn takeover of technology group ARM by Japan’s Softbank has sent leading shares higher.

The FTSE 100 is currently up 24.10 points at 6693.34, with Arm accounting for all that and more (nearly 28 points).

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Imagination Technologies jumps 13% as Chinese firm takes 3% stake

Move by state backed Tsinghua Unigroup sparks renewed takeover talk

IPhone supplier Imagination Technologies has jumped nearly 13% following news that a Chinese state-backed business has taken a 3% stake in the chip designer.

The news of the move by Tsinghua Unigroup has prompted speculation the company – which also counts Apple as a shareholder – could be a possible takeover target. Earlier this year Apple said it had held talks but did not plan to make an offer “at this time.” Analyst Roger Phillips at Investec said:

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FTSE falters as Apple suppliers slide, but Arm bucks the trend

First fall in US group’s revenues in 13 years unsettles technology companies

After Apple’s disappointing sales figures overnight, a number of iPhone suppliers have felt some of the backlash.

Arm, a weak market of late is an exception, recovering from an early fall to 915p to add 7.5p to 935p.

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