SoftBank snaps up ARM in £24 billion deal
by from Techreport on (#1MP71)
Japanese telecoms provider SoftBank has agreed to purchase chip design and IP firm ARM Holdings for 24 billion ($31.8 billion) in cash, or 17 ($22.52) per share. That value represents a 43% premium on ARM's last closing share price. The deal will be subject to approval by ARM's shareholders and UK regulators. ARM's board of directors has "unanimously confirmed" that it will advise shareholders to approve the buyout.
SoftBank says "ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the 'Internet of Things.'" SoftBank intends to "at least double" the number of employees ...