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The downturn began with Apple saying it would stop being a customer in two years’ time. Apple accounts for half Imagination’s revenues and has recently been recruiting Imagination GPU engineers.
Imagination says it is already engaged in preliminary discussions with potential bidders and those interested in Imagination are said to be Qualcomm, MediaTek and Apple itself.
Markets responded to the sale by marking the shares sharply up and Imagination’s market cap is now over $400 million.
Rothschild are acting as the Financial Adviser and Jefferies is the Corporate Broker.
The company writes:
Interested parties are invited to contact Rothschild, who are assisting with the formal sale process and with the sale process for MIPS and Ensigma. Further announcements regarding timings for the formal sale process will be made when appropriate.
The company says the sale process for MIPS and Ensigma – begun in early May 2017 – was “progressing well and indicative proposals have been received for both businesses”.
Read the official announcement »
See also: Imagination to sell MIPS
Atheros was a user of MIPS cores, not surprising given its roots. Do they still base their designs around MIPS after Qualcomm bought it?