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...

Like this


23 September 2017
Two Shot, One Killed in Drive-by Shooting in Hartford
Durham police say that a woman died in one of two shootings that happened within an hour and about a mile apart Friday night. Police said they arrived after neighbors reported hearing five or six shots go off and saw two men who were hurt.

23 September 2017
Constellation Brands, Inc. (STZ) Director Sells $119021.00 in Stock
Wells Fargo & Co reiterated an "outperform" rating on shares of Constellation Brands in a research report on Monday, April 10th. Finally, Wellington Management Group LLP grew its holdings in shares of Constellation Brands by 11.1% during the first quarter.

23 September 2017
India name 21-member squad for Federation Internationale de Football Association U-17 World Cup
However, the Portuguese coach picked Dhaliwal ahead of Nawaz. We will not give up and nothing is impossible in football.

23 September 2017
Brendan Rodgers makes big admission about Celtic future
Celtic boss Brendan Rodgers has little interest in what comes after Celtic on his CV - it could even be Ballymena United. Celtic are one of the great iconic clubs in the world.

23 September 2017
Liverpool have to stop Leicester star Jamie Vardy - Emre Can
The Foxes then lost at Manchester United and at home to Chelsea, before picking up a 1-1 draw at Huddersfield Town last weekend. To avenge their midweek defeat against Leicester , Liverpool need to regain their offensive composure and decisiveness.

23 September 2017
How a dog wearing goggles and jacket is rescuing Mexico natural disaster survivors
Along with Frida, there are 15 more dogs who are rendering their services to search for people in Mexico City . Frida was sent to Enrique Rebsamen school, where 25 people, including 19 children, were found dead.

23 September 2017
Jose Mourinho tells Luke Shaw to improve to break into first team
Another thing that doesn't go in favor of Crystal Palace is that they have a very bad history with Manchester City . All of the players who have been key in Southampton's squad this season are 100% fit.

23 September 2017
Sonoco Products Company (NYSE:SON) Shorts Down -8.59% - Shares Trading Down
Perkins Investment Management, LLC divested its ownership by shedding 177,072 shares a decrease of 23.4% in the quarter. Since May 3, 2017, it had 0 insider buys, and 4 sales for $22.03 million activity. $3.71M worth of NVR, Inc.

23 September 2017
Shares in Amgen Inc. (AMGN) Acquired by Wealth Enhancement Advisory Services LLC
Oxbow Advisors Llc holds 1.59% of its portfolio in Tortoise MLP Fund, Inc. for 466,248 shares. (NASDAQ:AMGN) for 2,453 shares. Credit Suisse initiated Amgen, Inc. (NASDAQ:AMGN) has "Hold" rating given on Wednesday, April 5 by Jefferies.

23 September 2017
Chicago Bridge & Iron Company N (NYSE:CBI) Moving Aggressively - Up $1.04
The Company operates through four segments: Engineering and Construction, Fabrication Services , Technology and Capital Services . Currently, the stock carries a price to earnings ratio of 0, a price to book ratio of 1.53, and a price to sales ratio of 0.19.