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Imagination to Divest Biz Units In Wake of Losing iPhone Contract

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May 5, 2017, 7:51 AM   by Eric M. Zeman

Imagination Technologies said it plans to sell two of its business units and strengthen its balance sheet before its years-old partnership with Apple expires. Earlier this year Apple told Imagination Technologies that it will no longer need the company's GPUs for the iPhone in 15 to 24 months time. Apple is Imagination Technologies' largest customer and the loss of the iPhone maker's business will result in a transformative change for Imagination Technologies. The company has already begun a legal dance around Apple. "Imagination has been unable to make satisfactory progress with Apple to date regarding alternative commercial arrangements for the current licence and royalty agreement [and] has therefore commenced the dispute resolution procedure under the licence agreement with a view to reaching an agreement through a more structured process," said the company. Imagination contends that Apple will not be able to design and manufacture its own GPU without violating Imagination's patented technology. At the same time, Imagination is preparing to sell its MIPS and Ensigma businesses. Imagination will hold onto its PowerVR businesses unit. Imagination Technologies did not spell out a timeframe for making these changes.


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