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Appeared on: Thursday, June 22, 2017
Imagination Says it Has Received Interest Amid Apple Dispute

UK chip designer Imagination Technologies has put itself up for sale following the dispute with its largest customer Apple, said it has received takeover interest from several parties.

Imagination Technologies has initiated preliminary talks with potential bidders and is being advised by Rothschild & Co., the Kings Langley, England-based company said in a statement Thursday. The sale process of its MIPS and Ensigma units, begun in May, is progressing and Imagination has received indicative proposals for both divisions, it said.

Intel, Ceva and MediaTek as well as some Chinese companies may be interested in bidding, Janardan Menon, an analyst at Liberum Capital Ltd. in London, said in a note to clients.

The U.K. company relies on the iPhone maker for about 50 percent of its sales. Last April, the company issued a statement revealing Apple will stop using its intellectual property in new products. A month later it said it had been unable to make satisfactory progress with the U.S. technology giant and decided to sell assets after a strategy review.

Imagination Technologies risks losing future royalty payments from Apple, which had previously warned the U.K. supplier that it will cease using its graphics technology for new products, including phones, tablets, and watches, in 15 months to 2 years.

Apple owns an 8.1 percent stake in Imagination Technologies.



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