Japan's Softbank to acquire ARM of UK

Japan's SoftBank Group Corp has agreed to buy British chip designer ARM Holdings for $US31 billion ($A40.81 billion).

1 min read

Published 18 July 2016 4:56pm

Source: AAP

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Japanese technology company SoftBank Group Corp is buying British semiconductor company ARM Holdings for $US31 billion ($A40.81 billion).

The agreement, disclosed on Monday, underlines SoftBank's desire to expand in the "internet of things", which refers to how almost anything these days has become a computer device that can connect online.

SoftBank said its board approved the deal, but ARM shareholders and the English courts need to approve it. ARM has recommended the deal be approved by its shareholders. SoftBank is seeking to complete the purchase by the end of September, it said in a statement.

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