Imagination Technologies mulling MIPS stake sale - report
23 APR 2017
Imagination Technologies [LON:IMG], a UK-based microchip designer, is thinking about selling a shareholding in its Sunnyvale, California-based MIPSTechnologies business, The Sunday Times reported. The newspaper cited City sources for the information.
MIPS, which designs the chips that power tablet devices and smartphones, was acquired by Imagination for USD 60m (GBP 46.8m) in 2012, the item noted.
City analysts cited by the newspaper estimated a valuation in the range of USD 100m-USD 150m for MIPS.
Imagination is looking to raise funds after Apple [NASDAQ:AAPL], a major customer, said it planned to discontinue use of Imagination Technologies chips, the report said.
Imagination Technologies’ market capitalisation stood at GBP 282m at the close of trading in London on Friday, 21 April.