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Japan's Softbank to buy ARM Holdings for £24.3bn

Published: 07:25 18 Jul 2016 BST

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Softbank pledged to keep the headquarters of ARM in Cambridge

Japan's SoftBank Group Corp (TYO: 9984) has agreed to buy micro-chip maker ARM Holdings PLC (LON:ARM) for £24.3bn.

Softbank, a multinational telecommunications and Internet company with broadband, fixed-line and technology services operations, said it would pay 1,700p per share for ARM.

The group said it planned to maintain the ARM organisation, including ARM's existing senior management team, brand, partnership-based business model and culture to ensure continuity of a strong track record.

It also pledged to keep the headquarters of ARM in Cambridge and to increase staff numbers.

Softbank said it would at least double UK-based staff in the next five years and increase overseas headcount.

The bank's chief executive and chairman Masayoshi Son said: "SoftBank intends to invest in ARM, support its management team, accelerate its strategy and allow it to fully realise its potential beyond what is possible as a publicly listed company."

ARM chairman Stuart Chambers said: "The board believes that by accessing all the resources that SoftBank has to offer, ARM will be able to further accelerate the use of ARM-based technology wherever computing happens."

Shares in ARM closed on Friday down 0.27p, or 0.02%, at 1,188.73p.

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