Imagination decided to sell his company 6 months after Apple's biggest customer Imagination announced that they would stop using Imagination services. Canyon Bridge paid GBP550 million to purchase Imagination.
Apple's announcement in April caused the Imagination stock price to fall overnight, leaving the chip maker in crisis.
At that time, Apple confirmed that they would start developing their own GPU. This decision ended with the creation of A11 Bionic chip used on iPhone 8 and iPhone X.
The chip is specifically designed to support activities that require intense graphics processing, such as artificial intelligence or augmented reality. This is Apple's attempt to distinguish its premium smartphone from its competitor's mobile phone.
In June, Imagination mentioned that they sold the company. Initially, Imagination had attempted to go to court, to find out whether Apple would be able to create its own GPU without infringing its copyright. However, it is not known how the end of the legal steps.