April 23, 2020 / 1:28 PM / a month ago

Imagination Tech's Chinese owner plans to re-list chip designer: FT

FILE PHOTO: The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay

LONDON (Reuters) - Canyon Bridge, the China-backed owner of Imagination Technologies, plans to re-list the UK-based chip designer in London, New York or Hong Kong, the head of the private equity firm told the Financial Times on Thursday.

“The objective would be an IPO over the next few years,” Ray Bingham, who is also interim CEO of Imagination, told the newspaper.

Canyon Bridge, which is backed by Chinese state-owned China Reform Holdings, tried recently to appoint new four directors to Imagination’s board, raising British government concern that the company would be moved to China.

The board meeting was cancelled at the request of the government.

Imagination and Canyon Bridge had a telephone meeting with Britain’s Culture Minister on Friday, during whch the company and its owner said they had discussed their ongoing commitment to remain a UK-headquartered business.

Canyon Bridge bought Imagination in 2017 for 550 million pounds ($679 million) after its biggest customer Apple said it would develop more of its own graphics technology, sending the British company’s shares down 70%.

Reporting by Paul Sandle; editing by Stephen Addison

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