After losing a massive deal with Apple, chip company Imagination will finally sell itself for $742.5 million

  • British firm Imagination Technologies said on Friday CBFI Investment will buy the company.
  • Imagination Technologies put itself up for sale after it lost 70 percent of its value after being ditched by its biggest customer Apple.
  • It's a disappointing end to a once-great European tech success story.
Broken iPhone 4s
Paul Toscano | CNBC
Broken iPhone 4s

British firm Imagination Technologies said on Friday CBFI Investment will buy the company for a price of 182 pence per share, valuing it at about 550 million pounds ($742.5 million).

CBFI currently has no intentions of cutting any jobs after the proposed merger, the companies said.

In June, Imagination Technologies put itself up for sale after it lost 70 percent of its value after being ditched by its biggest customer Apple, in a disappointing end to a once-great European tech success story.

Imagination Technologies market value 1-year performance

Source: FactSet