Bridge Crossing, a group of technology companies including ARM, will be getting 498 patents from MIPS' portfolio while the company will retain the remaining 82 patents that are directly relevant to the MIPS architecture, but with a royalty-free license for Bridge Crossing. Imagination Technologies meanwhile will be taking over the operating business of MIPS Technologies. The patents are being sold for $350 million USD while the business and remaining patents and license rights were sold for just $60 million.
While the MIPS architecture isn't too popular with Linux enthusiasts, it will certainly frighten many that the company is going to Imagination Technologies, the company made notorious to Linux users for their PowerVR graphics hardware that is backed by poorly-implemented closed-source drivers with no public specifications / open-source drivers available for the Imagination hardware.
More information on today's acquisition can be found from the MIPS press release.