Japan’s SoftBank has agreed to acquire Arm Holdings, the UK’s preeminent technology company, for ￡24.3bn in an enormous bet by the Japanese telecoms group that the smartphone chip designer will make it a leader in one of the next big tech markets, the internet of things.
The deal is expected to be announced first thing Monday morning, according to two people familiar with the negotiations. SoftBank and Arm could not immediately be reached for comment.
The takeover of Cambridge-based Arm, which was founded a quarter of a century ago and now employs 4,000 people, would be the largest acquisition of a European technology business. SoftBank will pay ￡17 in cash for each share in Arm, a 43 per cent premium to its closing price last week.
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