Intel Capital, the investment arm of semiconductor manufaturer Intel, has reduced its stake in UK-based semiconductor technology company Imagination Technologies from 14% to 5%, selling £51.2m ($87.8m) of stock.
Intel sold 25 million shares priced at £2.05 ($3.51) each. Credit Suisse, Jefferies International and JP Morgan conducted the sale, which has caused Imagination’s stock to sink from £2.51 on June 24th to £2.15 at time of publication.
Intel Capital will retain a 5% stake in Imagination. It initially boosted its stake in the company from 3% to14% in 2009 for strategic reasons.
Imagination Technologies has raised over $100m in total funding, and also counts computing technology company Apple, a participant in a $5.2m round in 2009, as one of its shareholders.