British GPU and AI processing company Imagination Technologies has reportedly been put up for sale by its current owner, Canyon Bridge Capital Partners. According to a Bloomberg report, Canyon Bridge tapped financial advisory and asset management firm Lazard Inc. to find a buyer, and the latter has already received some inquiries about the company. The private equity fund hopes to recoup the GBP 550 million (approximately $690 million today) investment it made to purchase the chipmaker in 2017.
Imagination hit its peak in 2012, in terms of valuation, when it was worth nearly GBP 2 billion. However, it put itself up for sale some five years later, after one of its biggest partners, Apple Inc., said that it would stop using the company for its graphics chips in the iPhone and its other products by 2019. This was when Canyon Bridge snapped up the company at a discount, and now it’s offering it for sale after eight years, which is about the end of its fixed term.
