September 25, 2017 / 6:15 AM / 23 days ago

BRIEF-Imagination Technologies announces ‍sale of MIPS and update on formal sale process​

Sept 25 (Reuters) - IMAGINATION TECHNOLOGIES GROUP PLC :

* ‍SALE OF MIPS AND UPDATE ON FORMAL SALE PROCESS​

* TO SELL WORLDWIDE MIPS CPU BUSINESS TO TALLWOOD MIPS FOR A TOTAL CONSIDERATION OF $65M IN CASH​

* ‍SALE OF MIPS IS ON A CASH AND DEBT FREE BASIS AND SUBJECT TO CUSTOMARY ADJUSTMENTS​

* $40 MLN OF PROCEEDS ARE PAYABLE IN CASH AT COMPLETION AND $25 MLN IN CASH SIX MONTHS AFTER COMPLETION​

* ‍CASH PROCEEDS WILL BE USED TO REDUCE GROUP‘S DEBT​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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