Imagination Technologies put up for sale amid Apple row

Tom MarkLast Update : Thursday 22 June 2017 - 8:57 AM
Imagination Technologies put up for sale amid Apple row

UK chip designer Imagination Technologies – which is in dispute with Apple, its largest customer – has put itself up for sale.

Shares in the company more than halved in April when Imagination said that Apple would stop using its products.

The US company uses the UK firm’s chip technology in its iPhones, iPads, and iPods under a licensing agreement.

Imagination said it had received interest from suitors in recent weeks so had begun a formal sale process.

It added it was now in preliminary talks with potential bidders.

In April, Imagination said that Apple, which accounts for about half of Imagination’s revenues, would stop using its products in “15 months to two years”.

Last month, Imagination announced it had started a dispute resolution procedure with Apple over licensing payments. It also said it intended to sell two of its three core business.

Source: business

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2017-06-22 2017-06-22
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Tom Mark