Imagination, whose graphics power Apple Inc's iPhone, licenses graphics and video-processing technology to semiconductor companies.
Canyon Bridge Capital Partners, the China-backed buyout fund that was barred last week by US President Donald Trump from buying a US chip maker, said it would purchase British chip designer Imagination Technologies Group Plc.
The all-cash €550mil (RM2.7bil) deal to buy Imagination showed Canyon Bridge remained focused on investing in Western chip makers after its US$1.3bil (RM5.4bil) deal to buy Lattice Semiconductor Corp in the United States was blocked over US natural security concerns.
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