Softbank to buy ARM for $32bn
Japan's Softbank makes bid for company behind iPhone processors
ARM Holdings, the company that produces the processors which power the iPhone, is to be bought for $32bn by Japan's Softbank Group Corp.
The deal, which values ARM at almost 50% more than its closing market value of £16.8bn ($22.2bn) as of Friday, is awaiting shareholder approval.
ARM is one of the biggest technology companies in the UK, and a leader in microprocessor technology. ARM chips are widely used in systems including tablets, smartphones, smart watches, mobile PCs smart TVs and in-vehicle systems. Over 15 billion processors using ARM cores shipped last year.
Softbank is a Japanese multinational telecommunications and Internet corporation, with interests in technology, finance, media and other sectors. The corporation is believed to be interested in ARM to drive its processors into Internet of Things devices.