(Update: Adds Apple stock movement for the day.)
Apple (AAPL) is boosting its ownership share in U.K.-based Imagination Technologies to 9.5% from 3.6% following a new share placement and recent stock purchases.
According to a regulatory statement available on Friday, Apple is subscribing 2.2 million new Imagination shares at 1.4275 pounds a share. In total, Apple is purchasing 3.14 million pounds ($5.17 million) worth of Imagination shares. Admission and listing of the new shares is expected on July 1. Apple is also reported to have made open market purchases for another 11.52 million shares.
The Cupertino, Calif.-based Apple is a licensee of Imagination, known for making some of the graphics and video guts inside market-leading smartphones like the iPhone.In December, Apple bought 8.2 million shares in the chipmaker. Just last week, Intel (INTC) further dipped its toes into the mobile market waters when it too upped its stake in Imagination, to 16%. Imagination's stock price has risen more than 100% on the London Stock Exchange since the beginning of the year. Shares in Apple were trading hands at $141.86 in Friday morning trading, up $1.82, or 1.3%, from Thursday's close.
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