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China/UK: Canyon Bridge moves to UK chipmaker after Trump bars Lattice buy

By  |  September 24, 2017

After US President Donald Trump barred Canyon Bridge Capital Partners from buying US chipmaker Lattice for US$1.3 billion last week, the China-backed buyout firm has moved its sights to the UK.

On Friday, September 22, Canyon Bridge announced that it was £550 million (US$742.5 million) to buy British chip designer Imagination Technologies Group Plc.

The all cash deal shows that Canyon Bridge has not changed its focus on western chipmakers and the deal is nearly a 42% premium on Imagination’s closing price on Friday.

The two companies stated in a London Stock Exchange filing on Friday that the deal is contingent on Imagination selling off MIPS, a US chip designer which was acquired in 2013.

MIPS is set to be bought by Tallwood Venture Capital for US$65 million.

Full Content: Reuters

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