Apple has increased its stake in graphics technology technology developer Imagination Technologies. The move does not have a clearly outlined goal, but Apple has been following Intel Corp. with increasing its stake in the developer of PowerVR graphics cores for a while now.
Apple said on Friday that it is subscribing for 2.2 million new shares of Imagination Technologies Group at £ 1.4275 per share, the mid-market close price on 25 June 2009, subject only to listing and admission of the new shares. Following the share placement and recent share purchases that Apple has made in the open market, Apple will have an ownership interest of 9.5% in Imagination.
Apple is a licensee of Imagination's technology and has been using its graphics cores for a while now. Even Apple's latest iPhone 3GS device utilizes PowerVR SGX 535 graphics core.
Intel and Apple have been increasing their stake in Imagination Technologies for several months now. At present Intel owns 13.99% of Imagination and is the second biggest shareholder of the firm behind Saudi Arabia’s Saad Group. Apple will own 9.5% stake of the company.