Imagination Technologies, the UK-based chip maker that used to provide Apple with its mobile graphics components, has agreed to sell itself to Canyon Bridge, a Silicon Valley-based private equity firm backed by the Chinese fund Yitai Capital. The news, first reported today by the Financial Times, comes nearly six months after Apple, Imagination’s biggest customer, announced that it would no longer require the company’s services. Canyon Bridge is paying £550 million ($743.2 million) for the deal.

Apple’s announcement, back in April, halved Imagination’s stock price almost overnight, creating a existential crisis for the firm. At the time, Apple confirmed it was bringing mobile graphics development in-house, a move that eventually…

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