Cross posted from: https://beehaw.org/post/17891412
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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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