Pragmatic Semiconductor Ltd. is close to finalizing a £200 million funding round from investors including M&G’s Catalyst fund, Sky News reported.

Saudi Aramco has agreed to participate in the microchip maker’s funding either directly or through the oil giant’s early-stage investment fund Prosperity7 Ventures, Sky cited one person as saying. It didn’t identify its sources in the report.

The UK Infrastructure Bank and investment firm Northern Gritstone, which plows money into university spin-outs in the north of England, could be among the new investors in the Cambridge, UK-based chipmaker, Sky said.

The funding is expected to value the maker of low-cost, flexible microchips used in products such as packaging and clothing at £300 million on a pre-money basis. The deal will be announced in November, Sky reported.

Pragmatic, M&G and Northern Gritstone declined to comment to Sky, while Saudi Aramco did not respond to the news outlet’s request for comment. Lazard, the investment bank which is advising Pragmatic on the fundraising, also declined to comment to Sky.

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