ARM Holdings to be sold to Japan's SoftBank for £24bn

Chancellor says sale of country's most successful technology company shows 'Britain has lost none of its allure to international investors'

ARM Holdings has agreed to be sold to Japan's SoftBank for 24.3bn, in a deal that will see Britain's most successful technology company transferred to foreign ownership to capitalise on the growth of "the internet of things".

The Cambridge-based group, whose microchips are used in the iPhone and more than 95% of all smartphones, said its board would recommend the all-cash deal to shareholders.