Japan’s SoftBank group today aounced that it is acquiring chip designer ARM Holdings for £24.3 billion (approx. $32 billion). SoftBank will be paying 1,700 pence in cash for each ARM share, which is a premium of around 43 percent. ARM’s management and business model will remain the same. SoftBank has given assurance to create over 1,500 additional ARM jobs in the UK over the next five years and increase headcount outside the UK.
“We have long admired ARM as a world renowned and highly respected technology company that is by some distance the market-leader in its field. ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the “Inteet of Things,” said Masayoshi Son, Chairman and CEO of SoftBank. “This investment also marks our strong commitment to the UK and the competitive advantage provided by the deep pool of science and technology talent in Cambridge. As an integral part of the transaction, we intend to at least double the number of employees employed by ARM in the UK over the next five years… This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank’s growth strategy going forward.”