The following is an excerpt from SEERAT CHABBA | July 18, 2016 | ibtimes.com |
SoftBank Group Corp. has agreed to buy U.K.-based chip designer ARM Holdings PLC for a record 24.3 billion pounds ($32.2 billion) in a deal confirmed by both the companies Monday.
The Japanese telecommunications giant will pay 17 pounds for every ARM share under the all-cash offer, a premium of over 40 percent to Friday’s close. ARM’s shares rose as much as 45 percent in trading Monday morning.
“ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the ‘Internet of Things,’” SoftBank’s CEO Masayoshi Son said, in a move that comes less than a month after he took back the reigns of the company from Nikesh Arora, his heir apparent who resigned in June.
“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,” he said, as the company unveiled plans to double its employee count in the region over five years, the Wall Street Journal reported.
For more visit: ibtimes.com