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CBFI to buy Imagination Technologies for 550 million pounds

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CBFI to buy Imagination Technologies for 550 million pounds

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(Reuters) – British firm Imagination Technologies Group PLC <IMG.L> said on Friday CBFI Investment Limited will buy the company for a price of 182 pence per share, valuing it at about 550 million pounds. CBFI currently has no intentions of cutting any jobs after the proposed merger, the companies said. In June, Imagination Technologies put itself up for sale after it lost 70 percent of its value after being ditched by its biggest customer Apple Inc <AAPL.O>, in a disappointing end to a once-great European tech success story.

(Reporting by Gaurika Juneja in Bengaluru; Editing by Sandra Maler)
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