Apple’s GPU provider Imagination Technologies, the UK-based chip maker has agreed to sell itself to Canyon Bridge, which is a private equity form backed by the Chinese fund Yitai Capital.
First reported by Financial Times, this news comes nearly six months after the company lost its biggest customer, Apple, when the iPhone maker said it would no longer require the chip maker’s services.
Canyon Bridge has agreed to pay £550 million ($743.2 million) for the deal. Back in APril, Apple announced that it would no longer require Imagination Technologies’ services. This put the chip maker’s stock in crisis, cutting its stock price in half overnight.
Apple at the time also confirmed that it was bringing mobile graphics development in-house, the main reason why the company decided to cut orders from Imagination. This move brought us the A11 Bionic chip in the iPhone 8 and iPhone X that was announced earlier this month.