Imagination, MIPS to be sold to China-, California-connected VCs

September 23, 2017 // By Peter Clarke, eeNews Europe

Processor intellectual property licensor Imagination Technologies Group plc (Kings Langley, England) has agreed to sell off its MIPS processor business to Tallwood Venture Capital (Palo Alto, Calif.) and then to sell the remainder of itself to Canyon Bridge Capital Partners LLC (Palo, Alto, Calif.), a venture capital firm that is managing funds provided by China.

The sale of the MIPS processor business has been agreed for $65 million in cash and is expected to close in October. The sale of what remains of Imagination to Canyon Bridge is dependent on the MIPS sale and has been agreed at £550 million in cash (about $740 million) and could come into effect in November.

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