Canyon Bridge Capital Partners seeks new buyer for Imagination Technologies

Canyon Bridge Capital Partners, a private equity firm, has hired Lazard Inc. to find a new buyer for chip designer Imagination Technologies, according to people familiar with the matter. The firm, which is linked to Chinese state investors, believes the sale could fetch more money than the 550 million pounds ($681 million) it paid for Imagination in 2017. As Canyon Bridge’s fixed-term fund nears the end of its term, they are looking for an exit strategy. Lazard has begun reaching out to potential buyers and has received some inquiries.