Canyon Bridge, the China-backed owner of Imagination Technologies, plans to re-list the UK-based chip designer in London, New York or Hong Kong, the head of the private equity firm told the Financial Times.
“The objective would be an IPO over the next few years,” Ray Bingham, who is also interim Chief Executive of Imagination, told the newspaper.
Canyon Bridge, which is backed by Chinese state-owned China Reform Holdings, tried recently to appoint new four directors to Imagination’s board, raising British government concern that the company would be moved to China.
The board meeting was cancelled at the request of the government.
Imagination and Canyon Bridge had a telephone meeting with the UK governments Culture Minister on Friday, during which the company and its owner said they had discussed their ongoing commitment to remain a UK-headquartered business.
Canyon Bridge bought Imagination in 2017 for 550 million pounds ($679 million) after its biggest customer Apple said it would develop more of its own graphics technology, sending the British company’s shares down 70%.
The team at Platform Executive hope you have enjoyed the ‘Imagination Tech’s Chinese owner plans to re-list chip designer – FT‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Paul Sandle; editing by Stephen Addison.