February 08, 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 Technologies Group PLC
Sir Hossein Yassaie, CEO
Richard Smith, CFO
Tel: +44 (0)1923 260 511
Adrian Duffield/Kay Larsen
Tel: +44 (0)20 7457 2020
Jefferies International Limited
(Financial Advisor to Imagination)
Nick Adams / Daniel Aharoni / Jeffrey Snyder
Tel: +44 (0)20 7029 8000