February 8, 2013 -- Imagination Technologies Group plc (LSE: IMG, "Imagination") has completed the acquisition of the operating business and certain patent properties of MIPS Technologies, Inc. (Nasdaq: MIPS, "MIPS") as well as license rights to all of the remaining patent properties.
MIPS is a leading provider of CPU (central processing unit) architectures and IP cores.
The cash consideration of US$100 million was paid on completion, financed from Imagination’s existing cash resources and a new acquisition facility.
At the MIPS Stockholder Meeting held on 6 February 2013, MIPS stockholders voted by the requisite majority on all proposals to enable the acquisition to complete.
Imagination has now commenced implementation of its detailed integration programme. Further details on this will be provided in the Interim Management Statement in March.
Hossein Yassaie, Group Chief Executive, Imagination, said:
"We are delighted to have completed this acquisition, which has been welcomed by both companies' customers and the electronics industry at large, and also to welcome our MIPS colleagues to the Imagination family.
“The combination of MIPS' capabilities with our existing Meta CPU technologies will accelerate our growth in the substantial CPU IP market across many segments."
Imagination - a global leader in multimedia and communication technologies - creates and licenses market-leading processor solutions for graphics, video, display, embedded processing, multi-standard communications and connectivity, and cross-platform V.VoIP & VoLTE. These silicon and software intellectual property solutions for systems-on-chip (SoC) are complemented by an extensive portfolio of software drivers, developer tools and extensive market and technology-focused ecosystems. Target markets include mobile phone, handheld multimedia devices, connected home consumer, tablets/mobile computing, in-car electronics, telecoms, health, smart energy and connected sensors and controllers. Imagination's licensees include many of the world's leading semiconductor, network operator and electronics OEM/ODM companies. Corporate headquarters are located in the United Kingdom, with sales and R&D offices worldwide. See: www.imgtec.com