British chipmaker Imagination Technologies up for sale by Chinese owner amid security concerns and allegations of technology transfer to China
British chipmaker Imagination Technologies up for sale by Chinese owner amid security concerns and allegations of technology transfer to China
British Chipmaker Up for Sale by Chinese Owner Amid Security Concerns
One of the UK’s major microchip firms, Imagination Technologies, is on the market. Its Chinese-backed owners are trying to sell it amid serious allegations about sensitive tech being passed to Beijing.
They’ve brought in Lazard, their long-time adviser, to help find a buyer. This comes after claims that the company shared key technology with two firms linked to the Chinese military.
It’s been a rough ride for Imagination since Canyon Bridge, a private equity firm funded by a Chinese investment group, took it off the London Stock Exchange back in 2017. The UK government even had to step in to block a takeover attempt by China Reform in 2020, which was seen as a bit of a coup.
Recently, an employment tribunal ruled that the company unfairly fired its CEO, Ron Black, for raising concerns about moving operations to China. A report even suggested that the Chinese Communist Party was stripping assets from the company.
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