“Apple is nearly tripling its stake in UK-based Imagination Technologies, boosting its interest to 9.5 percent with the purchase of 2.2 million new shares at £1.4275 ($2.35) each – the mid market close price on 25 June – and another 11.52 million shares,” Robin Wauters reports for TechCrunch.
“Imagination Technologies is a two-division company: its ‘Technology’ arm is an IP licensing business providing multimedia capabilities for SoC devices (embedded graphics, video and display acceleration, multi-threaded processing, etc.), while its ‘PURE Digital’ division uses proprietary technologies as a differentiator in its consumer products, which include some of the world’s most popular DAB digital radios,” Wauters reports.
“t is believed that the increased stakes of both Apple and Intel are a direct result of the fact that Saudi group Saad was recently forced to cut back its stake in Imagination after its accounts were frozen by the Saudi central bank. Reuters says nearly 10 million shares in Imagination changed hands on Wednesday at 150 pence each, with Saad to be the likely seller,” Wauters reports.
Full article here.
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