Japanese telecommunications and internet corporation Softbank is buying UK-based chip makers ARM, the media recently reported.
The deal, reportedly worth £24bn, will be completed through a combination of Softbank's own cash reserves, and a long-term loan from Japan's Mizuho Bank.
After acquisition, ARM is planned to grow, doubling its staff in five years. It currently employs 3,000 people, is headquartered in Cambridge, and plans on staying that way.
Masayoshi Son, chairman and chief executive of Softbank, said: "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."
This is not Softbank's first acquisition in recent times. BBC reports that the company also got its hands on Vodafone's Japanese operations and the US telecoms company Sprint.
“The $20bn deal was the biggest foreign acquisition by a Japanese firm at the time,” it says.
The acquisition makes a lot of sense, knowing the impact Internet of Things (IoT) is expected to make in the next five years. ARM is perfectly positioned to build chips for such devices, and Softbank wants in on the party.
Mr Son added: "ARM will be an excellent strategic fit with the Softbank group as we invest to capture the very significant opportunities provided by the internet of things"
"Britain is open for business - and open to foreign investment. Softbank's decision confirms that Britain remains one of the most attractive destinations globally for investors to create jobs and wealth,” said Chancellor Phillip Hammond.
"And as ARM's founders will testify, this is the greatest place in the world to start and grow a technology business," he added.
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