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The deal is driven by the growth of big cloud-computing providers such as Amazon.com and Alphabet's Google which are spending heavily on new data centers to meet a surge in demand for computing power delivered via the Internet.
The deal shores up Hynix’s position in a business that’s boomed after Covid-19 drove demand for the chips used in everything from Apple Inc.’s iPhones to data centers.
Imagination Technologies Group which was sold to Canyon Bridge Capital Partners in September 2017, said "formed a new multi-year license agreement under which Apple has access to a wider range of Imagination’s intellectual property in exchange for license fees.”
The semiconductor industry has been reshaped over the past five years as companies combine to gain scale while fighting rising costs and shrinking customer bases.