Do you recall about 6 weeks back that I predicted PlasticLogic might be looking for a buyer? Well, according to the Financial Times I was right (mostly). The FT are reporting that PlasticLogic are in negotiations with Rusnano, a Russian tech company funded by the Russian government.
Plastic Logic, a Cambridge company that has pioneered the development of low-cost computer chips made from plastic, is in discussions with Rusnano, a Russian state-owned nanotechnology corporation, about a capital infusion that would give it control of the UK company.
PlasticLogic – which has received $200m (£125m) in investments since it started in 2000 – is owned by a consortium of venture capital firms and large groups including Intel of the US and BASF of Germany.
A key condition of Rusnano’s investment would be that Plastic Logic’s production facility for the next phase of the technology is based in Russia.
Dmitry Medvedev, Russian president, said last year that his country would spend $10.6bn on nanotechnology by 2015.
The Chinese government has also approached PlasticLogic about providing capital, but the two sides failed to reach agreement.
A deal with Rusnano would fuel the debate over foreign takeovers of UK companies and the loss of strategically important factories.
Told you so.