China fund buys British chipmaker

China fund buys British chipmaker”

Canyon Bridge Capital Partners, the China-backed buyout fund that was barred last week by US President Donald Trump from buying a USA chip maker, said it would purchase British chip designer Imagination Technologies Group Plc. Canyon Bridge is paying £550 million ($743.2 million) for the deal.

Canyon Bridge on Friday said it had agreed to pay 182 pence per Imagination share, almost a 42 percent premium to Imagination's closing price that day.

However, this purchase will be contingent upon Imagination divesting MIPS, its chip designer based in the US, which Imagination acquired in 2013, said the two companies through a joint statement on Friday. On Sept. 13, President Donald Trump issued an order blocking the deal following the recommendation of the Committee on Foreign Investment in the US, an interagency panel led by the Treasury Department.

The sale of the MIPS processor business has been agreed at $65 million in cash and is expected to close in October.

Imagination's board of directors has agreed to sell the company to CBFI Investment Ltd., a newly-formed company indirectly owned by Canyon Bridge Fund I LP (CBFI), which is a venture capital fund managed by Canyon Bridge Partners LLC.

Imagination, whose chips have been used in devices including Apple's iPhone, licenses graphics and video-processing technology to semiconductor companies.

Canyon Bridge's strategy is to provide equity capital to help strong companies to accelerate growth into new markets and particularly in China, according to the Canyon Bridge website. Shares in Imagination crashed 70% in April when Apple, its biggest customer, said it would stop using its graphics technology in its new products.

The two firms are in a legal dispute over royalties.

Lattice makes chips call field-programmable gate arrays that allow companies to put their software on chips for different uses. It does not sell chips to the USA military, but its two biggest rivals - Xilinx and Intel's Altera - make chips that are used in military technology.

The move represents a bounce back by Canyon Bridge, which this month had its planned $1.3 billion acquisition of Lattice Semiconductor, an...

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