Here’s what we know about the deal
UK technology firm ARM Holdings, that designs chips used in smartphones, is set to be sold to Japan’s Softbank in a £24bn ($32bn) deal.
Founded in 1999, the Cambridge-based firm has over 3,000 employees.
ARM, whose chips are used by Apple and Samsung, will help Softbank group strengthen its internet of things offerings.
Masayoshi Son, chairman and chief executive of Softbank, said: “This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank’s growth strategy going forward,
“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 with the Softbank group as we invest to capture the very significant opportunities provided by the internet of things”
Newly appointed chancellor Phillip Hammond said the deal displays Britain’s “allure to international investors”.
“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.
“And as ARM’s founders will testify, this is the greatest place in the world to start and grow a technology business,” he added.