CBFI Investment Limited (CBFI), a newly incorporated company indirectly owned by Canyon Bridge Fund I (Canyon Bridge) – a fund managed by US headquartered Canyon Bridge Capital Partners – is to acquire the entire ordinary share capital of Imagination Technologies Group (Imagination).
The price of 182 pence per share represents a premium of approximately 47.4 per cent. to the Imagination share price on 21 June 2017, the day immediately before the announcement by Imagination of the start of a formal sale process of 123.5 pence per share.
CBFI currently has no plans to make any changes to the continuing employment of employees and management, nor does it intend to change the principal locations of Imagination’s places of business, or redeploy anyof teh company’s fixed assets.
Canyon Bridge’s investment strategy is not to take businesses to China but to make them more competitive in China – offering access to the largest market in the world.
Imagination has today separately announced that it has entered into an agreement with Tallwood MIPS, Inc, a company indirectly owned by Tallwood Venture Capital, with respect to the disposal of MIPS. Imagination and CBFI have agreed that the completion of the MIPS Disposal is a condition of the Acquisition
Ray Bingham, Partner of Canyon Bridge, says: “Imagination has a world-class management team and highly talented employees. With our backing and investment Imagination can continue to invest in developing its technology, attract and hire the best engineers, and acquire and service customers globally.
“This transaction is in line with Canyon Bridge’s strategy of providing equity and strategic capital to enable technology companies to reach their full growth potential by opening new markets through our collaborative investment approach.
“We are investing in UK talent and expertise in order to accelerate the expansion of Imagination, particularly into Asia, where its technology platform will lead the continued globalisation of British-developed innovation.”
