Imagination Technologies, the former maker of the graphics chips inside iDevices, has found a buyer-- Canyon Bridge, an equity firm backed by Chinese fund Yitai Capital.
According to the Financial Times the deal is worth £550 million, and is conditional on the completion of the sale of MIPS. The Imagination US unit currently being bought by Silicon Valley investment group Tallwood Venture Capital.
Back in June 2017 Imagination put itself on the selling block after Apple, its largest customer and one of its biggest shareholders, decided to stop using PowerVR technology in favour of self-designed solution. The announcement halved the value of Imagination stock almost overnight, causing a crisis in the company.