The UK has lost both its major processor IP providers to foreign buyers in the past year, with Softbank buying ARM and Imagination Technologies announcing its £550 million sale to private equity company Canyon Bridge Capital Partners. The announcement of the second deal came shortly after the launch of the new iPhone X, the first Apple handset sporting an inhouse GPU (graphics processing unit) design instead of one based on Imagination’s IPR. The loss of Apple as a customer was a massive blow to a company which was already facing tougher competition (including from ARM’s own GPU design, Mali) and struggling to diversify its business. It responded with plans to sell its non-core business units, including processor IP firm and…