Japan's SoftBank Group Corp has agreed to buy British chip designer ARM Holdings for 24.3 billion pounds ($32 billion), in a deal that will retain the company's management and grow its workforce.
Arm, Britain's preeminent technology company, said the two boards had reached agreement on the terms of the deal, with SoftBank paying 1,700 pence in cash for each ARM share, representing a premium of around 43 per cent.
Shareholders will also receive a dividend.
SoftBank said it intended to preserve the ARM organisation, including its headquarters in Cambridge in central England, its existing senior management team, brand and partnership-based business model.
It also pledged to at least double ARM's employee headcount in the UK and increase its headcount outside of the country over the next five years. ($1 = 0.7556 pounds)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.