SoftBank to Buy ARM Holdings for $32 Billion2016-07-19 03:01 by Daniela
SoftBank Group Corp. will acquire chipmaker ARM Holdings Plc for 24.3 billion pounds ($32 billion). ARM is known for its chip designs for mobile handsets. The Cambridge-based company designs microchips and then licenses out the designs to companies like Apple, Samsung, and Qualcomm, which then modify them and place them into computing devices.
ARM also develops processors that power hardware in Internet of Things networks. Softbank is actually interested in the IoT business.
"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 "Internet of Things," said Masayoshi Son, Chairman and CEO of SoftBank, in a statement.
"This all happened very, very quickly," ARM Chief Executive Officer Simon Segars said in a telephone interview. "They made an offer that was very, very compelling for our shareholders and a proposal for how to invest in the company for the future."
ARM will remain headquartered in Cambridge, and it is expected that Softbank will double the staff headcount in the UK over the next five years.
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