The Chinese-backed owner of UK–based Imagination Technologies committed with the government to keep the company headquartered in Britain and also to consult with government in case of any changes at its board.
Canyon Bridge is a private equity firm which owns Imagination Technologies and has China Reform holdings at back of it which is a state owned Chinese firm. Canyon Bridge on Friday confirmed its meeting with the British government regarding Imagination Technologies and called it constructive.
Lawmakers in Britain recently showed concerns about possibility of chip maker to stop working in United Kingdom for being moved out of the country. The firm provides intellectual property in areas including graphics, artificial intelligence (AI), video processing and connectivity chip designing to groups to the likes of Apple Inc.
Representatives from Canyon Bridge had talked to Secretary of State for Digital, Culture, Media and Sport Oliver Dowden on Friday over a conference call.
In an emailed statement, a spokesman for Canyon Bridge and Imagination Technologies said that both entities have a constructive meeting with the government officials.
Continuing commitment of Imagination Technologies to remain a British-headquartered company was discussed at the meeting and we have agreed to keep the dialogue up with Secretary of State in course of building up the senior management team at the firm, said the spokesman.
Reuters reported that a British government source also confirmed occurrence of the meeting, and said that the British government will keep a closer eye on the situation and will act appropriately to safeguard the national interests.
Canyon Bridge acquired Imagination in 2017 which was a star performer in the UK’s technology sector.
Canyon Bridge recently attempted to seize control of Imagination by appointing four members at its board, provoking British lawmakers’ worries about the company ending its business being moved out of the country. That move by Canyon Bridge remained unsuccessful after intervention by the UK government resulted in cancellation of the said meeting.