SoftBank completes acquisition of ARM for £24 billion

ARM loses its chairman in the wake of the acquisition that will see the company de-registered from the London Stock Exchange this week
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SoftBank has now completed its acquisition of ARM for £24 billion according to various reports. 

As a result of its sale to a foreign buyer, the microchip designer will be dropped from the London Stock Exchange this week. 

In a joint statement, Masayoshi Son, Chairman & CEO of SoftBank and ARM CEO Simon Segars said: “The SoftBank Group and ARM have enabled technology that is at the heart of a computing and connectivity revolution. Every day, more than forty million ARM-based chips are shipped by ARM partners into products enabling consumers and businesses around the world. 

“Every day, the SoftBank Group provides mobile and fixed-line connectivity to over 100 million people and devices in Japan and the U.S., offers numerous Internet services and is pioneering new ventures in AI, smart robotics and IoT.”

Softbank has made noted strides into the world of internet of things (IoT) technology and the acquisition of ARM is a further statement of intent.

Initial news of the deal – coming so close to Brexit – had proved something of a shock to the IT community, but Son has stated that the UK's decision to leave the EU had not played a role in the deal: "Brexit did not affect my decision. Many people many are worried about Brexit and concerned about the complex situation of the country, but good or bad… I did not make the investment because of Brexit." 

The immediate impact of the deal's closing has been the departure of ARM chairman Stuart Chambers who has stepped down from his post with immediate effect.

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