Japan’s Softbank buys ARM Holdings for $32bn

Japan’s Softbank buys ARM Holdings for $32bn

UK technology firm ARM Holdings is to be bought by Japan’s Softbank for £24bn ($32bn) it confirmed on Monday.

The board of ARM is expected to recommend shareholders accept the offer – which is around a 43% premium on its closing market value of £16.8bn on Friday.

The Cambridge-based firm designs microchips used in most smartphones, including Apple’s and Samsung’s.

ARM, which was founded in 1990, employs more than 3,000 people.

Shares in the UK technology firm surged by 45% at the open of the London Stock Exchange to 1,742.85p per share, adding £7.56bn to ARM’s market value.

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