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.

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