Imagination Technologies puts itself up for sale following Apple split

Earlier this year, Apple made the surprise announcement that it would not be renewing its GPU licensing deal with Imagination Technologies. The decision clearly caught Imagination off guard and while no lawsuits have been filed yet, the company has put itself up for sale in an attempt to try and stay afloat.

Imagination Technologies lost around 70 percent of its market value after Apple announced that it would be parting ways with the company. At the time, Imagination execs said that they did not see how Apple could develop its very own graphics chip without stepping on one of Imagination's patents and with that in mind, it is predicted that a lawsuit is likely.

With to cease its licensing deal with Imagination in the next 15 to 24 months, the board has decided “to initiate a formal sale process” and has already engaged in discussions with potential buyers. While discussions have begun, the company warns in its statement that “there can be no certainty” that any offer will be made, or that a sale will definitely take place. Still, the company is looking.

With this news, shares in Imagination Technologies have risen by around 20 percent. The company is still thought to be hashing things out with Apple behind the scenes.

KitGuru Says: At one point in time, it seemed like Apple itself would acquire Imagination Technologies. However, that outcome seems very unlikely at this point. Either way, it will be interesting to see how this whole thing plays out.

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